US factory orders rise unexpectedly in August

Factory orders grew by 0.2% month-on-month in August to reach $453.1bn, according to the Department of Commerce.

Economists had penciled in a drop of 0.5%.

In July, total factory orders rose by 1.4%.

Shipments were lower by 0.2% over the month after two consecutive monthly increases to $232.2bn.

Orders for durable goods were up by 0.1% month-on-month to reach $227.3bn after jumping by 3.6% in July, that was better than the preliminary estimate of no change.