Orders at U.S. factories for long-lasting goods fell more than expected in February, snapping a months-long streak of increases and business investment as manufacturers confronted a worsening supply chain crisis.
Bookings for all durable goods – products that are intended to last at least three years – fell 2.2%, the first decline in five months, the government reported on Thursday. Economists surveyed by Refinitiv forecast a 0.5% decline. Passenger planes and autos – volatile measurements that tend to swing sharply month to month – accounted for the decline. A more precise measure of demand that excludes transportation and military hardware, known as core orders, fell 0.3% in February.
"It’s still too early to determine the impact the war in Ukraine will have on global supply chains, which will surely be present in the March numbers released next month," said Peter Essele, head of portfolio management for Commonwealth Financial Network. "Until then, it’s prudent to take a wait-and-see approach rather than move toward safety assets at this time, as most economic indicators are still in robust territory.
Papa John's Pizza and Anglez Hair Design have multiple signs around the businesses looking for employees. Continuing claims, or the number of Americans who are consecutively receiving unemployment aid, fell to 1.35 million for the week ended March 12 – the lowest level for this gauge since January 1970, the government said. One year ago, nearly 4 million Americans were receiving unemployment benefits.
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