Factory orders rise unexpectedly in October

Economic reports show that U.S. factory orders unexpectedly rose in the month of October, according to the Associate Press. Economists worry that economic recovery could be hindered by a continued increase in unemployment rates and decrease in disposable income. However, in another favorable piece of economic news released today, the Department of Labor reports that national unemployment fell slightly to 10.0 percent as only 11,000 jobs were lost in November, the smallest monthly loss since the recession began two years ago. According to the Associated Press article,

The factory orders report followed news earlier this week that a closely watched gauge of manufacturing activity showed growth for a fourth straight month in November. The Institute for Supply Management said its manufacturing index read of 53.6, slightly lower than October's 55.7. But any reading above 50 indicates growth.

Economists were especially encouraged that new orders in the ISM report jumped over 60 for the third time in the past four months. The last such streak was in 2005. Of the 17 industries surveyed, 13 reported higher orders.