After reporting a notable pullback in new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Wednesday showing a rebound in factory orders in the month of February.
The Commerce Department said factory orders jumped by 1.2 percent in February after tumbling by a revised 1.3 percent in January.
Economists had expected factory orders to surge up by 1.7 percent compared to the 1.4 percent slump originally reported for the previous month.
The rebound in factory orders came as durable goods bounced back during the month, spiking by 3.0 percent in February after plunging by 3.6 percent in January.
Orders for transportation equipment drove the recovery, soaring by 7.0 percent in February after plummeting by 9.8 percent in January.
On the other hand, the Commerce Department said orders for non-durable goods fell by 0.5 percent in February following a 1.0 percent increase in the previous month.
The Commerce Department also said shipments of manufactured goods edged up by 0.2 percent, while inventories of manufactured goods rose by 0.3 percent.
The inventories-to-shipments ratio subsequently came in at 1.35 in February, unchanged from the previous month.