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Orders for U.S. manufactured goods rose 2.2% in April, the Commerce Department said Tuesday.
The gain was much stronger than expected. Economists surveyed by the Wall Street Journal were expecting a 1% increase.
The factory sector has been a bright spot during the pandemic and its aftermath. Factory orders have risen in 22 of the past 23 months.
Durable-goods orders rose a revised 1.1% in March, revised from the initial estimate of a 0.8% gain. Durable goods orders are up in five of the past 6 months.
Orders for non-durable goods jumped 3.2 % in the month.
A key indicator of business investment, orders for non-defense capital goods, excluding aircraft, rose a revised 1.3% in March, up from the prior reading of a 1% gain .
U.S. stocks
DJIA,
SPX,
opened mixed on Tuesday as the Federal Reserve’s two-day policy meeting was set to get underway.
