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Commercial airplanes and automobiles increase industrial orders in the United States

New orders for U.S. manufactured goods rose sharply in March, driven by demand for commercial planes and motor vehicles, but gains in other sectors were moderate.

Industrial orders rose 1.6% after rising 1.2% in February, the Commerce Department reported Thursday. The result was in line with economists’ expectations.

In March, orders increased 0.3% year-on-year. Excluding the transport sector, an increase of 0.5% was recorded in March.

The manufacturing sector, which represents 10.4% of the US economy, remains constrained by the Federal Reserve’s total interest rate increases of 525 basis points from March 2022.

A survey conducted Wednesday by the Institute of Supply Management showed its manufacturing PMI fell into contraction territory in April, after a short-lived rebound in March.

On Wednesday, Fed officials kept interest rates in the current range of 5.25% to 5.50%, the level they have been at since July.

Commercial aircraft orders rose 30.6% in March, after rising 15.6% in February. Orders for automotive bodies, components and trailers increased 1.1%. Transportation orders overall rose 7.8%, after rising 1.7% in February.

Machinery orders fell 0.1%. Orders for computers and electronic products increased by 0.7%, while orders for electrical equipment, appliances and components remained unchanged.

Source: Terra

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