Breaking - US factory orders contract at a faster pace than expected.

The U.S. Census Bureau recently released data on factory orders in the country for the month of September, which came in negative and contrary to market expectations.

According to the reported data, factory orders in the United States contracted by 0.5% in September on a monthly basis, which was worse than market expectations that predicted a contraction of only 0.4%. Factory orders in the U.S. previously recorded a contraction of 0.2% in August, which was revised to 4.9%.

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