WASHINGTON (AP) — U.S. factory orders rebounded in October after two prior monthly declines, helped by rising demand for aircraft, computers and machinery.
The Commerce Department says factory orders rose 1.5 percent in October, marking a slight recovery as manufacturers have struggled to adjust to a stronger dollar hurting exports, lower oil prices and weak global economic growth.
Factory orders have tumbled 7.1 percent year-to-date. Shipments from oil refineries have plunged 33.4 percent compared to the first 10 months of 2014, a reflection of the drop in prices that has weighed on the overall industrial numbers.
But manufacturers regained some ground in October.
Aircraft orders climbed 81 percent, while requests for computers and electronics advanced 1.9 percent.
A separate category that serves as a proxy for business investment spending improved 1.3 percent.