The AP (4/4, Crutsinger) reports, “Businesses ordered more machinery and equipment from US factories in February, a signal that many are investing in their companies despite the expiration of a tax credit. Orders to US factories increased 1.3% in February,” according to the Commerce Department. “That offset a similar decline in January. Demand for so-called core capital goods, a gauge of business investment plans, rose 1.7%.”
Bloomberg News (4/4, Homan) reports, “Demand for new vehicles and business investment are sustaining production gains at American factories, which account for about 12 percent of the world’s largest economy. At the same time, slower growth in Europe and China show that sales overseas remain a risk.” Joel Naroff, president of Naroff Economic Advisors Inc. in Holland, Pennsylvania, said before the report, “The manufacturing sector is the rock on which the recovery is being built and the base is as stable as it gets.” Naroff added, “The economy has leaned on the manufacturing sector for much of the growth during the entire recovery. There appears to be no reason to believe that will change anytime soon.”
Also covering the story are the Wall Street Journal (4/4, Morath, Sparshott, Subscription Publication), Reuters (4/4), MarketWatch (4/4, Bartash), the UK’s Financial Times (4/3, Raval, Subscription Publication) and other media sources.
The New York Times (4/4, Bunkley, Subscription Publication) reports.
From SME Daily Executive Briefing 4/4/2012