U.S. factory orders rise for third straight month in April

By Greg Robb

New orders rise 0.7%, in line with expectations

Orders for manufactured goods rose 0.7% in April, the Commerce Department said Tuesday. That's the third straight monthly gain.

The increase was in line with the consensus of economists surveyed by the Wall Street Journal.

According to the report, durable-goods orders rose a revised 0.6% in April down slightly from the initial estimate of a 0.7% gain. Non-durable goods orders rose 0.8%.

Orders for nondefense capital goods, excluding aircraft, rose a revised 0.2% in April, down slightly from the prior estimate of a 0.3% increase. Shipments of these key orders rose 0.4%.

Economists see the factory sector moving sideways in coming months as high interest rates continue to crimp business investment. On Monday, the Institute for Supply Management reported that its manufacturing PMI slumped to 48.7% in May from 49.2% in the prior month.

-Greg Robb

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06-04-24 1011ET

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