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U.S. Factory Orders Rebound More Than Expected In March

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A report released by the Commerce Department on Thursday showed new orders for U.S. manufactured goods jumped by more than expected in the month of March amid a substantial rebound in orders for transportation equipment.

The Commerce Department said factory orders spiked by 1.9 percent in March after falling by a revised 0.3 percent in February.

Economists had expected orders to surge up by 1.5 percent compared to the 0.5 percent drop originally reported for the previous month.

The bigger than expected rebound in factory orders came as orders for transportation equipment soared by 7.0 percent in March after plunging by 2.9 percent in February.

Excluding orders for transportation equipment, factory orders still showed a notable 0.8 percent increase in March after rising by 0.3 percent in February.

The report said durable goods orders shot up by 2.6 percent in March after slumping by 1.3 percent in February, reflecting a slight downward revision from the 2.7 percent jump reported last week.

Orders for non-durable goods also showed a significant 1.1 percent increase in March after climbing by 0.8 percent in the previous month.

The Commerce Department said shipments of manufactured goods also climbed by 0.7 percent in March after rising by 0.5 percent in February.

Inventories of manufactured goods also rose by 0.4 percent in March following a 0.3 percent increase in the previous month.

With inventories and shipments both rising, the inventories-to-shipments ratio was unchanged from the previous month at 1.36.

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