Factory Orders Rebound in February, Driven by Aircraft and Machinery Demand

• Factory orders increased 1.4% in February, rebounding from a 3.8% drop in January and beating economists' forecasts • Gain was driven by a 24.6% jump in commercial aircraft orders and a 1.8% rise in machinery orders • Manufacturing sector regaining momentum after struggling last year amid Federal Reserve interest rate hikes
• Non-defense capital goods orders, seen as a proxy for business spending, rebounded 4.3% after falling in prior months • Shipments of non-defense capital goods declined 0.6%, marking the fifth drop in the last six months