|
Factory orders rise 2%
|
 |
May 5, 1999: 10:45 a.m. ET
Increase in March figure signals rebound for U.S. manufactured goods
|
NEW YORK (CNNfn) - The demand for U.S. manufactured goods rebounded strongly in March, with factory orders up an unexpectedly high 2 percent, the Commerce Department said Wednesday.
Factory orders for the month rose 2 percent, to a seasonally adjusted $350 billion. That compares with forecasts of a more modest 1.2 percent increase by analysts surveyed by the Reuters news agency.
The rise reverses a decline in February factory orders. The Commerce Department Wednesday revised February's drop to 1.8 percent, or $343 billion, from the 2.5 percent originally reported.
The March increase, the fourth rise in five months, was helped by larger orders for long-lasting durable goods, industrial machinery, electronics and transportation equipment.
Transportation equipment led March's increase, rising 6.2 percent to $48.2 billion, reversing a sharp drop of 13.3 percent in February, which was the largest drag on February's performance. Excluding transportation equipment, orders rose 1.4 percent.
The bond market, sensitive of any economic news that could signal a rise in inflation, was knocked back a bit by the news after an early morning rally.
Before the data were released at 10 a.m. ET, the benchmark 30-year U.S. Treasury was trading up 8/32 in price for a yield of 5.69 percent. After the report was issued, the 30-year issue was trading down 8/32, bringing the yield up to 5.727 percent. 
-- from staff and wire reports
|
|
|
|
|
|
Department of Commerce
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
