P. M. BRIEFING : March Factory Orders Up 3.8%
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WASHINGTON — Orders to factories for manufactured goods rose 3.8% in March, their highest level in more than a year, the government reported today.
The Commerce Department said orders for both durable and non-durable goods totaled a seasonally adjusted $240.4 billion after advancing 1.8% in February.
Orders in February and March thus recovered the 5.5% decline in January, the steepest drop since a 7% decline in December, 1974.
The March increase was the largest since a 4.7% gain in December, 1988.
Most of the March increase was in durable goods, up 6.6%. Transportation orders accounted for most of the gain, increasing 22.4%. Aircraft led the advance with a 63.2% increase.
In the key category of non-defense capital goods, a barometer of business investment plans, orders advanced 14.4%. The volatile defense category posted a 3.9% decline.
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