Businesses ordered more machinery and equipment from U.S. factories in February, a signal that many are investing in their companies despite the expiration of a tax credit.
This is positive news for the housing market as increased demand for manufacturing signals stronger consumer sentiment.
Orders to U.S. factories increased 1.3 percent in February, the Commerce Department said. That offset a similar decline in January.
U.S. factories stepped up hiring and production in March, based on a report Monday from the Institute for Supply Management.
This is positive news for the housing market as increased demand for manufacturing signals stronger consumer sentiment.
Orders to U.S. factories increased 1.3 percent in February, the Commerce Department said. That offset a similar decline in January.
U.S. factories stepped up hiring and production in March, based on a report Monday from the Institute for Supply Management.
The trade group of purchasing managers said its index of manufacturing activity rose to 53.4 in March, up from a February reading of 52.4. Readings above 50 indicate manufacturing is expanding.
Manufacturing has been a key source of economic growth since the recession ended in June 2009.
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