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Economy Title: Factory Orders in the U.S. Climb for 10th Time in 11 Months March 31 (Bloomberg) -- Orders placed with U.S. factories rose in February for the 10th time in the past 11 months, while inventories and backlogs climbed by the most in more than a year, a sign that factories will keep leading the economic expansion. Bookings increased 0.6 percent after a revised 2.5 percent gain in January that was larger than previously estimated, the Commerce Department said today in Washington. Excluding demand for transportation equipment such as cars and airplanes, which tends to be volatile, orders rose 0.7 percent, the seventh consecutive advance. Companies including Texas Instruments Inc. are benefiting as businesses work to stabilize stockpiles and prepare for rising sales in the U.S. and overseas. A sustained rebound in the housing market and increased hiring is yet to materialize to ensure a broadening of the economic expansion. “Manufacturing will keep driving the recovery as we get continued support from inventories and from rising demand,” Aaron Smith, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. “Inventories are starting to look lean relative to sales, so restocking will have to occur.” Factory orders were forecast to rise 0.5 percent after a previously reported 1.7 percent gain the prior month, according to the median forecast of 65 economists surveyed by Bloomberg News. Projections ranged from a drop of 0.5 percent to an increase of 1.5 percent. Job Cuts Companies unexpectedly cut 23,000 jobs in March, signaling a labor-market recovery will take long to develop, a report from ADP Employer Services also showed today. Orders for durable goods, which make up just over half of total factory demand, increased 0.9 percent after jumping 3.8 percent the previous month. Bookings for non-durable goods, including food, petroleum and chemicals, increased 0.3 percent. Today’s report showed civilian aircraft orders rose 33 percent after jumping 135 percent the prior month. Boeing Co., the world’s second-biggest commercial-plane maker, said it received 47 orders in February, up from 10 a month earlier. Chicago-based Boeing in March said it will boost production in coming years to meet stronger demand as airlines rebound from the recession-induced travel slump. Bookings for capital goods excluding aircraft and military equipment, a measure of future business investment, rose 2 percent, almost double the 1.1 percent increase the Commerce Department estimated last week. January’s drop was revised to 4.4 percent from 3.9 percent. More Shipments Shipments of those goods, used to calculate gross domestic product, climbed 0.6 percent, less than the government estimated last week. Factory inventories rose 0.5 percent, the biggest gain since August 2008, signaling the economy will get another boost from stockpiling this quarter. Manufacturers had enough goods on hand to last 1.29 months at the current sales pace, the same as in the prior two months. Unfilled orders grew 0.5 percent last month, the most since July 2008, led by increasing demand for aircraft and metals. Texas Instruments, the second-largest U.S. chipmaker, projected quarterly profit and sales will be at the high end of its forecast, fueled by rising demand for computers, high- definition TVs and cars. “Growth continues to be broad across end markets,” Vice President Ron Slaymaker said on a March 8 conference call.
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#1. To: All (#0)
This report lags Chicago ISM by a month...
#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace
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