US factory orders on the rise - KWWL - Eastern Iowa Breaking News, Weather, Closings

US factory orders on the rise

Posted:
WASHINGTON, D.C. (KWWL) -

Orders to American factories rose in February as businesses bought more machinery and equipment.

The U.S. Commerce Department says orders to factories increased 1.3 percent in February following a 1.3 percent decline in January.  Orders for core capital goods, a good measure of business investment plans, rose 1.7 percent, which was better than a preliminary estimate made last week.

Factory orders have been steadily rising since the recession ended.  Orders totaled $468.4 billion in February, just 3.4 percent below the previous peak hit in 2008.

Orders rebounded in February after a January decline that followed the expiration of a tax credit on equipment purchases.  Economists believe investment spending will do well even without the tax break.

Powered by Frankly