Wow….we actually still make something in this country?
Orders placed with U.S. factories unexpectedly rose in March, propelled by demand for capital equipment and petroleum that signals the U.S. expansion gained speed at the end of the first quarter.
The 1.3 percent increase in bookings matched the prior month’s gain, which was more than twice as large as previously estimated, the Commerce Department said today in Washington. Sales climbed 2.2 percent, the most since November 2007.
Texas Instruments Inc. and Caterpillar Inc. are among companies ramping up output to meet rising foreign and domestic demand as the global economy rebounds from last year’s recession. Inventory replenishment and more jobs in the U.S. may prompt factories to keep boosting output in coming months.
“A lot of manufacturers may be struggling to keep up with demand,” Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit, said before the report. “We’re seeing clear demand improvements from both consumers and businesses that should provide a strong tailwind for several months at least.”