New data released Wednesday by the U.S. Department of Commerce showed a solid recovery in orders for long-lasting manufactured goods in March, exceeding market expectations.
Durable goods orders rose 0.8% during the month, following a revised 1.2% decline in February.
Economists had forecast a more modest increase of 0.5%, compared with the previously reported 1.3% drop in the prior month.
When excluding transportation equipment — a category often subject to large swings — orders increased 0.9% in March, after advancing 1.2% in February.
This measure also outperformed expectations, as analysts had projected a gain of just 0.4%.