New orders for U.S.-made goods increased more than expected in March and shipments rose solidly, but supply constraints following new COVID-19 lockdowns in China could slow manufacturing activity in the months ahead.
The Commerce Department said on Tuesday that factory orders rose 2.2% in March after edging up 0.1% in February. Economists polled by Reuters had forecast factory orders would rise 1.1%.
There were increases in orders for machinery, primary metals and electrical equipment, appliances and components. Orders for computers and electronic products also rose as did those of fabricated metal products. The Commerce Department also reported that orders for non-defense capital goods, excluding aircraft, which are seen as a measure of business spending plans on equipment, rebounded 1.3% instead of 1.0% as previously reported last month.
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