Urgent: US factory orders record the highest growth rate in 11 months

The U.S. Census Bureau released data on factory orders in the country for April on Wednesday, surpassing market expectations and marking the highest growth rate in 11 months.

According to the recently released data, factory orders in the United States grew by 4.8% in April on a monthly basis, which was better than the expectations that predicted growth of around 4.6%. Factory orders in the U.S. had recorded a growth of 1.5% in March, which was revised to a larger growth rate of 1.8%.

Factory orders measure the change in the value of new orders purchased for manufactured goods in U.S. factories; new orders are considered a leading indicator as they suggest pre-demand for industrial goods and can therefore indicate future production levels within the United States.