In September, US factory orders rose by 0.9% M/M, slightly more than the consen-sus estimate of 0.8% M/M. Looking at the details, shipments of durable goods orders rose by 1.4% M/M, while non-durables increased by 0.6% M/M. Inventories fell for the thirteenth consecutive month in September. The sharp decline in inventories and improvement in orders provides further evidence that also the US manu-facturing sector is recovering, even if the report brought us little new info after the release of the timelier ISM manufacturing survey.