US factory orders rise 0.7% in April

By Ovunc Kutlu

ISTANBUL (AA) - US factory orders increased 0.7% in April, in line with market estimates, according to Commerce Department figures released Tuesday.

New orders for manufactured goods, which measure the change in the value of new purchase orders placed with manufacturers, climbed $4.3 billion to reach $588.2 billion, rising for three consecutive months.

The figure in March was revised down from a gain of 1.6% to an increase of 0.7% to stand at $584 billion.

New orders for manufactured durable goods in April rose $1.8 billion, or 0.6%, to $283.9 billion – also up for three consecutive months.

Transportation equipment led the increase with a gain of $1 billion, or 1.1%, to reach $96 billion.

New orders for manufactured nondurable goods increased $2.4 billion, or 0.8%, to $304.3 billion.