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Financial News: U.S. Factory Orders Show Continued Growth In February

U.S. Factory Orders Show Continued Growth In February

04/04/2017 - 10:13:00 (RTTNews)

(RTTNews) - After reporting sharp increases in new orders for U.S. manufactured goods in the two previous months, the Commerce Department released a report on Tuesday showing that factory orders saw further upside in the month of February.

The Commerce Department said factory orders jumped by 1.0 percent in February after surging up by a revised 1.5 percent in January.

Economists had expected orders to climb by 1.0 percent compared to the 1.2 percent increase originally reported for the previous month.

Durable goods orders led the way higher once again, spiking by 1.8 percent in February after soaring by 2.4 percent in January.

The continued growth in durable goods orders reflected another sharp jump in orders for non-defense aircraft and parts.

The report said orders for non-durable goods showed a more modest 0.2 percent uptick in February after rising by 0.6 percent in January.

Excluding orders for transportation equipment, factory orders rose by 0.4 percent in February after climbing by 0.5 percent in January.

The report also said shipments of manufactured goods edged up by 0.3 percent in February, matching the increase seen in the previous month.

Inventories of manufactured goods also crept up by 0.2 percent in February after rising by 0.3 percent in January.

With shipments and inventories both showing modest increases, the inventories-to-shipments ratio remained unchanged at 1.31.

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