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Economic Report: U.S. factory orders rise sharply in March, boosted by inflation

Orders for manufactured goods rose 2.2% in April, the Commerce Department said Tuesday. 

The gain was much stronger than expected. Economists surveyed by the Wall Street Journal were expecting a 1% increase. 

The factory sector has been a bright spot during the pandemic and its aftermath. Factor orders have risen in 22 of the past 23 months.

Durable-goods orders rose a revised 1.1% in March, revised from the initial estimate of a 0.8% gain.  Durable goods orders are up in five of the past 6 months.

Orders for nondurable goods jumped 3.2 % in the month. 

A key indicator of business investment, orders for nondefense capital goods, excluding aircraft, rose a revised 1.3% in March, up from the prior reading of a 1% gain .

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opened mixed on Tuesday as the Fed’s two-day policy meeting was set to get underway.

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