One area of the U.S. economy continues to chug along, as factory orders stateside remain on the up-and-up.
Figures released by the U.S. Commerce Department showed orders for U.S.-made goods increased for a second straight month in January, suggesting the recovery of the manufacturing sector was gaining momentum as rising prices for commodities spur demand for machinery.
Factory goods orders rose 1.2%, after the department noted an unrevised 1.3% improvement in December. Economists had forecast factory orders advancing only 1% in January.
Factory orders were up 5.5% from a year ago. Total shipments of manufactured goods increased 0.2% after surging 2.5% in December.
Manufacturing, which accounts for about 12% of the U.S. economy, is regaining its footing after being buffeted by lower oil prices, a strong dollar and an inventory overhang.
