New orders for U.S. manufactured goods saw a modest increase in the month of March, according to a report released by the Commerce Department on Thursday.
The Commerce Department said factory orders crept up by 0.2 percent in March after surging up by a revised 1.2 percent in February.
Economists had expected factory orders to rise by 0.4 percent compared to the 1.0 percent jump that had been reported for the previous month.
The smaller than expected uptick in orders came as a 0.9 percent increase in orders for durable goods was partly offset by a 0.5 percent drop in orders for non-durable goods.
The report also said shipments of manufactured goods edged down by 0.1 percent in March after rising by 0.2 percent in February.
Inventories of manufactured goods were virtually unchanged in March after inching up by 0.2 percent in the previous month.
The Commerce Department said the inventories-to-shipments ratio subsequently ticked up to 1.32 in March from 1.31 in February.
by RTT Staff Writer
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