March Factory Orders up 3.1%

Washington, DC, May 2, 2007--Factory orders in March increased 3.1%, according to the Commerce Department. It was the biggest gain for gauge in a year.

Economists were expecting a gain of 2.2%.

The prime drivers of the increase were a 38% increase in orders for civilian aircraft and an 11% increase in petroleum.

Orders for core capital equipment rose 4.8%, the fastest pace in nearly three years. Orders for durable goods were revised higher to 3.7%.

Shipments of factory goods increased 1.5%, the highest in 10 months. Unfilled orders grew 1.8%, the fastest pace this year.