Feb. Factory Orders Fall as Expected

New orders for U.S.-made goods fell in February, likely because of persistent shortages of materials and a shift in spending back to services, but manufacturing remains supported by low inventories at businesses.

The Commerce Department said on Monday that factory orders fell 0.5% in February. Data for January was revised slightly higher to show orders rising 1.5% instead of 1.4% as previously reported. Economists polled by Reuters had forecast factory orders would decline 0.5%.