US factory orders unchanged in February for second straight month

Kitco Media
By Reuters
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Reuters
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WASHINGTON, April 10 (Reuters) - New orders for U.S. factory goods were unchanged for a second straight month ​in February as weak demand for commercial ‌aircraft offset gains elsewhere.

The flat reading in February reported by the Commerce Department's Census Bureau on Friday ​was better than economists' expectations for a ​0.2% decline. Orders increased 3.7% year-on-year in ⁠February.

The Census Bureau is still catching up on ​data releases following delays caused by last year's ​government shutdown.

Manufacturing, which accounts for 10.1% of the economy, was showing signs of recovery after being hammered by ​President Donald Trump's sweeping tariffs. But the ​U.S.-Israeli war with Iran has sent oil prices surging by ‌more ⁠than 30%, which could stifle the recovery.

Commercial aircraft orders plunged 28.6%. But there were increases in orders for computers and electronic products, machinery, ​primary metals and ​fabricated ⁠metal products.

The Census Bureau also reported that orders for non-defense capital goods ​excluding aircraft, which are seen as ​a measure ⁠of business spending plans on equipment, increased 0.7% in February instead of rising 0.6% as reported ⁠earlier ​this week.

Shipments of these ​so-called core capital goods rose 1.0% instead of 0.9% as previously ​reported.

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama

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