New orders placed with factories in the U.S. posted a surprise jump in November to reverse a previous decline and join recent positive indicators in pointing to an economic upswing heading into 2011, according to Reuters. The Commerce Department reported on Tuesday that orders for manufactured goods gained 0.7% in November on the heels of a 0.7% drop in October, outpacing expectations for a 0.1% drop in the latest reading. The data comes the day after industrial production was reported at a seven-month high in December.
The Commerce Department report showed that orders excluding transportation added 2.4% in November, accelerating from a 0.1% gain previously and marking the highest growth since March. Durable goods were revised to a 0.3% drop in November rather than the 1.3% fall previously reported, and inventories were seen adding 1.1% from October’s level.