New Data Show U.S. Factory Orders, New Jobs Rose in March

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New Data Show U.S. Factory Orders, New Jobs Rose in MarchU.S. firms hired more workers in May, while factory orders climbed in February as the economy started picking up after being battered by the recent harsh winter weather.

The private sector employed 191,000 new workers in March, up from February’s figure of 178,000, according to the ADP National Employment Report, which is jointly compiled with Moody’s Analytics.

“The economy is continuing to dig itself out of the weather-induced slump,” Millan Mulraine, a New York-based senior economist at TD Securities told Reuters.

The ADP report, which was released before the government’s non-farm payrolls report on Friday, saw U.S. Treasuries’ yields surge.

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A Reuters survey shows that economists predict 200,000 new jobs were added in March, the biggest increase in four months. Unemployment rate is expected to decline to 6.6 percent.

Elsewhere, the Commerce Department announced that factory orders grew 1.6 percent in February, the largest gain since September. This is in contrast to January’s 1.0 percent decline, and exceeds the median estimate of a 1.2 percent rise in a Reuters poll.

New orders shipments surged 0.9 percent in February, the largest monthly advance in 9 months. Orders adjusted for the transportation category gained 0.7 percent in February, also the largest advance since July.  In January, such orders had plunged 0.1 percent.

The report also shows that inventories grew 0.7 percent in February in what is the biggest advance since October 2011.

Factory orders gained in most of the categories sampled, including transportation, computers and electronic products and primary metals, while those for machinery, electrical components, equipment and appliances plunged.

Orders for durable goods, which are manufactured items that are supposed to last at least three years, rose 2.2 percent in February.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com