Economic Buzz: US factory orders down 1.3% in May

New orders for manufactured goods in the United States stood at $657.4 billion in May, falling 1.3% from the month before, according to a report by the US Census Bureau released on Thursday.

Shipments increased by 1.6%, or $10.3 billion, compared to March, landing at $653.2 billion, while unfilled orders advanced by 0.6%, or $9.2 billion, to $1.6 trillion.

Inventories amounted to $962 billion, up 0.2%, or $2.1 billion on a monthly basis. The inventories-to-shipments ratio stood at 1.47, down from 1.49 reported in the previous month.

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