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Last Update: 03-Nov-11 10:25 ET
Strong Petroleum Refineries Demand Lead to an Uptick in Factory Orders in September
Factory orders increased 0.3% in September, up from 0.1% in August. The Briefing.com consensus expected factory orders to decline 0.2%.
The upward surprise in orders was mainly due to a 1.0% increase in total nondurable goods demand. That was the biggest increase in nondurable goods orders since March and was well above the previous three-month average (0.2%). The spike in nondurable orders was caused by a 4.2% increase in petroleum refinery products. Excluding petroleum refineries, nondurable goods orders actually fell 0.1% in September.
Durable goods orders were revised up modestly (to -0.6% from -0.8%) but still dragged on overall order levels.
Excluding transportation, factory orders increased 1.3% in September after falling 0.1% in August.
Orders of capital goods excluding aircraft were revised higher (to 2.9% from 2.4%) in September. Shipments, which factor into third quarter GDP, were unchanged at -0.9%.
The upward surprise in orders was mainly due to a 1.0% increase in total nondurable goods demand. That was the biggest increase in nondurable goods orders since March and was well above the previous three-month average (0.2%). The spike in nondurable orders was caused by a 4.2% increase in petroleum refinery products. Excluding petroleum refineries, nondurable goods orders actually fell 0.1% in September.
Durable goods orders were revised up modestly (to -0.6% from -0.8%) but still dragged on overall order levels.
Excluding transportation, factory orders increased 1.3% in September after falling 0.1% in August.
Orders of capital goods excluding aircraft were revised higher (to 2.9% from 2.4%) in September. Shipments, which factor into third quarter GDP, were unchanged at -0.9%.
