WASHINGTON - Factory orders jumped 3.0% in March, increasing for the fifth month in a row, the Commerce Department reported Tuesday.
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Orders excluding transportation goods increased 2.6% for the month, the eighth consecutive monthly increase.
February’s factory orders were revised to a 0.7% increase from a 0.1% decrease reported in March.
Economists expected March factory orders would increase 1.8%, according to the median estimate from Thomson Reuters.
Businesses stocked up on machinery goods, specifically farming and heavy industrial equipment.
Orders for nondefense capital goods gained 3.6% following a 5.6% rise in February.
