Factory orders up 1.6% in March, seventh gain in last eight months

Factory orders rose 1.6% in March, the seventh increase in the last eight months, the Commerce Department said Thursday. Economists polled by MarketWatch had expected a 1.3% gain. February's gain in orders was revised to a 1.6% gain from the prior estimate of 1.2%. In March, orders for transportation equipment led the increase, rising 7.6%. Excluding transportation, factory orders rose 0.3%. Growth in total durable goods orders was unrevised from last week's initial estimate of a 2.6% gain. Orders for nondurable goods rose 0.5%. Excluding orders for defense goods and civilian aircraft, core factory orders fell a revised 0.4% in March, down from the initial estimate of a 0.1% decline.