Factory orders jumped one percent in February amid a surge in demand for commercial aircraft, but a key category that tracks business investment spending slipped for the first time in five months.
Factory orders increased 1 percent in February after a 1.5 percent gain in January, the Commerce Department reported Tuesday. Much of the strength stems from a second straight month of booming demand for commercial aircraft. But a key category that serves as a proxy for business investment slipped 0.1 percent. It was the first decline since investment orders fell by 1.5 percent in September.
American manufacturers are slowly recovering from a weak patch caused by falling demand for American exports, reflecting weak economies overseas and the strength of the dollar which makes U.S. products cost more in foreign markets.
Orders for durable goods, items such as autos and airplanes designed to last at least three years, rose 1.8