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US factories continued to see a steady rise in orders in February, the latest sign that the country’s manufacturing sector is recovering at a healthy clip following a weak start last year.
Orders to US factories rose 1 per cent in February from the previous month, in line with what analysts were expecting, the Commerce Department said on Tuesday.
The rise marks the third straight month of gains for the gauge following a sharp drop in November. In another encouraging sign, January factory orders gains were revised higher to 1.5 per cent from the 1.2 per cent that was previously reported.
Excluding the more volatile transport category, factory orders ticked 0.4 per cent higher in February, while the gain for January was revised from 0.3 per cent to a rise of 0.5 per cent.
Separately, a final reading of durable goods orders – or items intended to last at least three years like cars and home appliances – rose 1.8 per cent in February following a 2.8 per cent increase in January.