Listen to this article
This is an experimental feature. Give us your feedback. Thank you for your feedback.
What do you think?
More signs that the US manufacturing sector is regaining its momentum, with factory orders rising for the second consecutive month thanks to a boost in orders for transportation equipment.
Factory orders rose 1.2 per cent in January, ahead of the 1 per cent advance that economists had forecast, the Commerce Department said on Monday. That followed a 1.3 per cent rise the previous month.
Manufacturing, which was hamstrung by the strength of the US dollar and a downturn in crude prices during the first half of last year is making a comeback, with the ISM purchasing manager’s index hitting its highest level since August 2014 last month.
Separately, a final reading of capital goods orders excluding aircrafts, a proxy for business investment in big-ticket items, slid 0.1 per cent in January from the previous month, when it declined a steeper 0.4 per cent, the Commerce Department said on Monday.
However, headline durable goods rose 2 per cent in January, following a 1.8 per cent rise previously.