US durable goods orders rebounded in March
WASHINGTON (AP) — Orders to U.S. factories for long-lasting manufactured goods rose in March, boosted by surging demand for defense equipment such as military aircraft. But a key category that tracks business investment plans was weak for a second month.
The Commerce Department says orders for durable goods increased 0.8 percent, rebounding partially from a 3.1 percent tumble in February. The strength came from a jump in demand for military equipment, a volatile category.
Excluding defense, durable goods orders would have fallen 1 percent in March.
Demand in a category that serves as a proxy for business investment plans was flat in March after a 2.7 percent drop in February. Manufacturing has been under pressure for the past year, reflecting global weakness, a strong dollar and falling oil prices.