{"id":31075,"date":"2023-05-02T14:33:01","date_gmt":"2023-05-02T14:33:01","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/us-factory-orders-rebound\/"},"modified":"2023-05-02T14:34:09","modified_gmt":"2023-05-02T14:34:09","slug":"us-factory-orders-rebound","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/us-factory-orders-rebound\/","title":{"rendered":"US factory orders rebound on aircraft in March"},"content":{"rendered":"<p>WASHINGTON (Reuters) &#8211;     New orders for U.S.-made goods rebounded in March, boosted by a jump in civilian aircraft bookings, but the overall manufacturing industry continued to struggle under the weight of higher interest rates.<\/p>\n<p>Factory orders increased 0.9% after decreasing 1.1% in February, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast orders rebounding 1.1%. Orders increased 2.4% on a year-on-year basis in March.<\/p>\n<p>The sector, which accounts for 11.3% of the economy, is being dragged down by the Federal Reserve&#8217;s fastest interest rate hiking campaign since the 1980s. <\/p>\n<p>Banks have also tightened lending following the recent financial market turmoil, while spending is shifting away from goods, typically bought on credit, to services. <\/p>\n<p>Businesses are cutting back on restocking in anticipation of weaker demand later this year. The Institute for Supply Management reported on Monday that its manufacturing PMI contracted for a sixth straight month in April.<\/p>\n<p>Orders for transportation equipment increased 9.0% after dropping 3.2% in February. Civilian aircraft orders soared 78.3%. Motor vehicle orders fell 0.6%. Excluding transportation, orders fell 0.7% for a second straight month. <\/p>\n<p>Orders for machinery declined 0.3%, but bookings for computers and electronic products increased 2.1%. Orders for electrical equipment, appliances and components rose 0.8%.<\/p>\n<p>Shipments of manufactured goods fell 0.1%. The inventory of manufactured goods at factories dropped 0.8%. Unfilled orders at factories rose 0.4%.<\/p>\n<p>The Commerce Department also reported that orders for non-defense capital goods, excluding aircraft, which are seen as a measure of business spending plans on equipment, declined 0.6% in March instead of 0.4% as reported last month.<\/p>\n<p>Shipments of these so-called core capital goods, which are used to calculate business equipment spending in the gross domestic product report, dropped 0.5% instead of 0.4% as previously reported. Business spending on equipment has contracted for two straight quarters.<\/p>\n<p \/>\n<p> (Reporting by Lucia Mutikani; Editing by Andrea Ricci)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/us-factory-orders-rebound\/file-photo-boeing-employees-walk-near-a-partially-finished-boeing\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410KW-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ410KW-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (Reuters) &#8211; New orders for U.S.-made goods rebounded in March, boosted by a jump in civilian aircraft bookings, but the overall manufacturing industry continued to struggle under the weight of higher interest rates. Factory orders increased 0.9% after decreasing 1.1% in February, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":31076,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-31075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410KW-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=31075"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31075\/revisions"}],"predecessor-version":[{"id":31077,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31075\/revisions\/31077"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/31076"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=31075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=31075"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=31075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}