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U.S. Factory Orders Rebound 1.1% In March, Slightly Less Than Expected

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New orders for U.S. manufactured goods showed a notable rebound in the month of March, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said factory orders jumped by 1.1 percent in March after falling by a revised 0.5 percent in February.

Economists had expected factory orders to surge up by 1.3 percent compared to the 0.8 percent drop originally reported for the previous month.

The rebound by factory orders came as orders for durable goods increased by 0.8 percent in March following a 0.9 percent slump in February.

Orders for non-durable goods also shot up by 1.5 percent in March after edging down by 0.1 percent in the previous month.

The report also showed shipments of manufactured goods spiked by 2.1 percent in March after tumbling by 1.9 percent in February.

Inventories of manufactured goods also advanced by 0.7 percent in March following a 0.8 percent increase in the previous month.

With shipments jumping more than inventories, the inventories-to-shipments ratio fell to 1.38 in March from 1.40 in February.

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