Factory orders rose in February for the seventh time in eight months, a sign of the rebounding fortunes of the manufacturing industry.
Factory orders rose 1%, the Commerce Department said, matching the consensus forecast. January’s gain was upwardly revised to 1.5%.
Excluding transportation — nondefense aircraft and parts orders shot up 47.5% — factory orders rose 0.4%.
Shipments have now climbed for eleven of the last twelve months.
Joshua Shapiro, chief U.S. economist at MFR Inc., said the strength of the Institute for Supply Management’s manufacturing index for export orders points to continued gains for factory orders.
Also read: U.S. manufacturing hiring hit 6-year high, ISM finds