Factory orders climbed 1.1 percent in December, the Commerce Department said, topping analysts' estimates of 0.2 percent gain. It fell 0.9 percent in the month of November.

Orders were helped by a 2.0 percent rise in demand for non-durable goods, while orders for expensive durable goods climbed a revised 0.3 percent.

A 3.5 percent increase in demand for machinery and a 1.9 percent rise in transportation equipment orders were partly offset by declining orders for electrical equipment and computers and electronic products.

The inventory-to-shipments ratio fell to a record low 1.26 months from 1.28 months.

For all of 2003, factory orders increased 3.9 percent after falling 1.9 percent in 2002.

By: DocMemory
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