U.S. factory orders unexpectedly increase in April

Posted June 3, 2008

Orders for manufactured goods increased 1.1%, following an upgraded 1.5% advance in March, according to the Commerce Department.

Baltimore — (TFN): Defying analyst expectations, factory orders surged in April. Capital spending by U.S. businesses also increased, according to Commerce Department data.

Orders for manufactured goods increased 1.1%, following a revised 1.5% advance in March. Originally, factory orders growth was reported at 1.4% in March.

Economist “consensus” pegged factory goods orders growth at just 0.1% in April.

At the same time, the Institute for Supply Management on Monday reported its May manufacturing index rose to 49.6 from 48.6 — still indicating contraction of the manufacturing base.
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