Feb factory orders up less-than-expected 1 pct
WASHINGTON (Reuters) - New orders at U.S. factories rose a weaker-than-expected 1.0 percent in February as orders for machinery and metals fell, a Commerce Department report showed on Wednesday.
Analysts polled by Reuters were expecting overall factory orders to rise 1.8 percent after a downwardly revised January fall of 5.7 percent, which was the biggest decline in more than six years.
Orders for durable goods, items meant to last three years or more, were revised lower to a 1.7 percent gain in February from an initial rise of 2.5 percent reported last week. Orders for primary metals fell 3.8 percent, machinery orders fell 1.0 percent and electrical equipment and appliances fell 5.8 percent.
Nondefense capital goods orders excluding aircraft, considered a proxy for business spending, fell a revised 2.4 percent, doubling the 1.2 percent fall initially reported last week. In January, this category fell 6.2 percent.
Stripping out defense goods, factory orders rose 1.0 percent after a 5.5 percent fall in January, which was the largest monthly slide on record.
Transportation orders rose 8.9 percent, largely due to a rebound in volatile orders for civilian aircraft, which rose 88.4 percent after a 60.4 percent fall in January. Motor vehicle body, parts and trailer orders rose 1.1 percent following an 8.0 percent fall in January.
Excluding the volatile transportation sector, factory orders for February fell 0.4 percent, following a 2.5 percent fall in January.
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