Official figures show that new orders for long-lasting US manufactured goods rose solidly in March, while orders for the previous month were much stronger than initially thought, pointing to strength in the manufacturing sector.
The Commerce Department said durable goods orders increased 2.5% after an upwardly revised 0.7% rise in February. The February figure was previously reported as a 0.6%. Economists had expected a 2% increase in March.
Orders last month were buoyed by bookings for motor vehicles, transport equipment and aircraft.
Excluding transport, durable goods orders rose 1.3% after a revised 0.6% gain in February. This was again better than economists had expected.
Durable goods orders are a leading indicator of manufacturing and the report indicated vibrancy in the sector, even though the US economy lost some momentum in the first quarter.
Government data on Thursday are expected to show that economic growth slowed to an annualised rate of 2% or even less in the first three months of this year, held back by weak consumer spending and a bigger trade deficit. The economy grew at a solid 3.1% rate in the fourth quarter.
