Good orders at U.S. factories rose far less than expected in April, likely the result of continued supply chain snarls.
Exiger CEO Brandon Daniels provides insight into how the Fed raising interest rates are impacting the U.S. economy.
The Commerce Department said on Thursday that factory orders rose 0.3% in April, sharply missing the gain of 0.7% forecast by Refinitiv economists. That's also a big decline from March, when factory orders rose by 1.8%. Americans continued to order machinery motor vehicles and primary metals in April, but orders for electrical equipment, appliances and components fell 0.2%. Orders for computers and electronic products inched up 0.1%.
Shipments of manufactured goods, meanwhile, rose just 0.2% after climbing 2.2% in March. Inventories at factories rose 0.6%. Strong consumer demand for machines, electronics, cars and other durable goods has fueled activity at factories over the past year. But tangled supply chains and a persistent labor shortage have weighed on manufacturing – while also contributing to the highest inflation in nearly four decades.
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