New orders for manufactured goods in August — which were up five of the last six months — increased $6.7 billion or 1.2% over July to $586.1 billion, the U.S. Census Bureau reported Oct. 5. This followed a 2.1% decrease the prior month.

Economists polled by news outlet Reuters had forecasted just 0.2% month-to-month growth for August. The news outlet also reported that low weekly jobless claims and a shrinking trade deficit is likely boosting the nation’s current economic picture despite a yearlong threat of a potential slowdown.

The August figure also coincides with the September PMI improving for a third consecutive month to its highest mark since November 2022.

Shipments, up four consecutive months, increased $7.7 billion or 1.3% to $586.0 billion in August. This followed a 0.7% July increase, the bureau said.

Unfilled orders, up eight of the last nine months, increased $5.0 billion or 0.4% to nearly $1.336 trillion. This followed a 0.5% July increase. The unfilled orders-to-shipments ratio was 6.78, down from 6.80 in July.

Inventories, up two consecutive months, increased $2.8 billion or 0.3% to $855.4 billion. This followed a 0.1% July increase. The inventories-to-shipments ratio was 1.46, down from 1.47 in July, the bureau said.