A report released by the Commerce Department on Tuesday showed a pullback in new orders for U.S. manufactured goods in the month of November.
The Commerce Department said factory orders fell by 0.7 percent in November after inching up by a downwardly revised 0.2 percent in October.
Economists had expected orders to drop by 0.8 percent compared to the 0.3 percent increase originally reported for the previous month.
The report said durable goods orders tumbled by 2.1 percent in November after edging up by 0.2 percent in October, reflecting a modest revision from the previously reported 2.0 percent slump.
The nosedive in durable goods orders was partly offset by a continued increase in orders for non-durable goods, which climbed by 0.6 percent in November after rising by 0.3 percent in October.
The Commerce Department said shipments of manufactured goods rose by 0.3 percent in November following a 0.1 percent uptick in October. Inventories also increased by 0.3 percent.
Subsequently, the Commerce Department said the inventories-to-shipments ratio in November was unchanged from the previous month at 1.40.