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U.S. Factory Orders Pull Back In Line With Estimates In February

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A report released by the Commerce Department on Monday showed new orders for U.S. manufactured goods decreased in line with economist estimates in the month of February.

The Commerce Department said factory orders fell by 0.5 percent in February after surging by an upwardly revised 1.5 percent in January.

Economists had expected factory orders to decrease by 0.5 percent compared to the 1.4 percent jump originally reported for the previous month.

The pullback in factory orders came as durable goods orders tumbled by 2.1 percent in February following a 1.5 percent spike in January.

On the other hand, the report showed orders for non-durable goods shot up by 1.2 percent in February after jumping by 1.5 percent in January.

The Commerce Department also said shipments of manufactured goods rose by 0.6 percent in February after surging by 1.4 percent in January.

Inventories of manufactured goods also climbed by 0.6 percent following a 0.8 percent increase in the previous month.

With inventories and shipments both rising, the inventories-to-shipments ratio for February came in unchanged from the previous month at 1.45.

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