The U.S.
Commerce Department reported on Wednesday that the value of new factory orders advanced
by 0.6 per cent m-o-m in February, following an upwardly revised 1.8 per cent m-o-m climb (from +1.7 per cent m-o-m) in January.
Economists had expected a gain of 0.5 per cent m-o-m in February.
According to
the report, orders for durable goods were
up 1.0 per cent m-o-m in February, led
by gains in electrical equipment, appliances, and components (+1.9 per cent
m-o-m) transportation equipment (+1.5 per cent m-o-m), and primary metals (+1.2
per cent m-o-m). In addition, orders for nondurable goods grew by 0.3 per
cent m-o-m.
Total factory
orders excluding transportation, a volatile part of the overall reading, increased
by 0.4 per cent m-o-m (compared to an upwardly revised 0.3 per cent m-o-m rise
(from +0.2 per cent m-o-m) in January), while orders for nondefense capital
goods excluding aircraft, a measure of business spending plans, fell by 0.2 per
cent m-o-m (compared to a 1.0 per
cent m-o-m surge in January and instead of dropping by 0.3 per cent m-o-m as reported last
month).