Factory Orders Stateside Head Upward in June

There was hope on the macroeconomic front down south last month.

Figures released Tuesday by the U.S. Commerce Department revealed factory orders rose 6.2% in June to mark the second increase in a row, pointing to a steady rebound after widespread shutdowns in the early stages of the pandemic.

Economists had predicted a 4.6% increase.

Even after a spike in coronavirus cases since June, the early evidence suggests that manufacturers made further strides in July as well. A survey of industry executives rose to a 15-month high, according to a closely report produced by the Institute for Supply Management.

The department adds the manufacturing side of the U.S. economy strengthened further in July even as some states reimposed restrictions to combat the latest coronavirus spike.

Yet production remains well below pre-crisis trends and businesses say they are still plagued by uncertainty. Factory orders are off 10% from a year earlier.