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Financial News: U.S. Factory Orders Rebound Slightly More Than Expected

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

05/02/2023 - 10:54:00 (RTTNews)

(RTTNews) - Reflecting a surge in new orders for durable goods, the Commerce Department released a report on Tuesday showing new orders for U.S. manufactured goods increased by slightly more than expected in March.

The Commerce Department said factory orders advanced by 0.9 percent in March after slumping by a revised 1.1 percent in February.

Economists had expected factory orders to climb by 0.8 percent compared to the 0.7 percent decrease originally reported for the previous month.

The increase in factory orders came as durable goods orders spiked by 3.2 percent in March after tumbling by 1.2 percent in February.

Meanwhile, the report said orders for non-durable goods dove by 1.4 percent in March after falling by 1.0 percent in February.

The Commerce Department also said shipments of manufactured goods edged down by 0.1 percent in March after sliding by 0.9 percent in February.

Inventories of manufactured goods also fell by 0.8 percent in March after slipping by 0.2 percent in the previous month.

With inventories decreasing by more than shipments, the inventories-to-shipments dipped to 1.48 in March from 1.49 in February.

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