New orders for U.S.-manufactured goods fell in January, pulled down by a plunge in civilian aircraft bookings, but increases in machinery and a range of other products suggested that manufacturing could be regaining its footing.
With the Federal Reserve expected to keep hiking interest rates into summer, a swift turnaround in manufacturing is, however, unlikely. Manufacturing is also being undermined by the dollar's past appreciation against the currencies of the United States' main trade partners and softening global demand.
Orders for machinery shot up 1.6%, while bookings for computers and electronic products rose 0.6%. Orders for electrical equipment, appliances and components surged 1.3%. There were also gains in orders for primary metals, fabricated metal products, as well as defense aircraft. Unfilled orders at factories were unchanged as a jump in unfinished work for computers and related products were offset by decreases in consumer goods.
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