U.S. factory orders jump 3.1 percent in March

U.S. factories saw their orders rise by 3.1 percent in March, the biggest gain since the beginning of the year, the Commerce Department said Wednesday.

The March rise followed an increase of 1.4 percent in February and a drop of 5.7 percent in January.

Data released by the department showed that the 3.1 percent advance was led by strong demand for commercial aircraft and machinery.

Orders for commercial aircraft and parts surged by 38.1 percent in March after a jump of 102.2 percent in the previous month. Demand for machinery was up 4.7 percent, compared with a gain of 1.0 percent in February.

Demand for primary metals was also strong. But orders for household appliances and furniture both fell, indicating continued troubles in the housing sector.

For March, orders for big-ticket durable goods, items expected to last at least three years, increased by 3.7 percent, better than the 3.4 percent rise initially estimated and the 2.3 percent gain in February.

Orders for non-durable goods, items like petroleum and chemicals, rose by 2.3 percent, the biggest gain since January 2006 and after a 0.5 percent gain in February.

The big increase in factory orders in March offered hope that the slowdown in manufacturing, which had been brought on by troubles in housing and auto sales, may be ending, according to analysts.

Source: Xinhua