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Factory Orders up 0.7% in April
The Commerce Department reported that factory orders grew 0.7% in April, the second increase in three months, offering further evidence that the manufacturing sector is rebounding. But, the government downwardly revised orders for March to a 1.9% drop from the 0.9% decline previously reported. A 5.8% jump in orders for transportation equipment, which includes a 2.2% rise in orders for motor vehicle parts, drove the overall increase in April. Orders for big-ticket durable goods, such as industrial machinery and appliances, rose 1.7%, which was slightly lower than the government's initial estimate of a 1.9% gain. Orders for machinery increased 0.6%, while electrical equipment and appliance orders rose 0.9%. Orders for consumer goods, such as food, chemicals and paper products, dipped 0.1%.
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Date Last Updated: 06/03/2009
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