Economic Buzz: US Factory Orders Post Sharp Rise In March

4 May 2022 , 08:45 AM

New orders for US manufactured goods spiked by more than expected in the month of March, according to a report released by the Commerce Department on Tuesday. The report showed factory orders surged by 2.2 percent in March following a revised 0.1 percent uptick in February. The sharp increase in factory orders came as orders for non-durable goods soared by 3.2 percent, while orders for durable goods shot up by 1.1 percent. The report also showed shipments of manufactured goods spiked by 2.3 percent in March after jumping by 1.1 percent in February. Inventories of manufactured goods also shot up by 1.3 percent in March following a 0.9 percent increase in February. With orders jumping by inventories, the inventories-to-shipments ratio dropped to 1.43 in March from 1.45 in February.

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