The US domestic market recorded a 1.1pc increase in new orders of manufactured goods in March at $512bn from $507bn in February, according to data from the US Census Bureau.
Growth in new orders for durable goods (worth $256.9bn) was driven by fabricated metal products, which rose by 4pc to $35.4bn in March against February. During the same period, shipments of durable goods increased by 2.8pc to $257bn, with transportation equipment deliveries up by 5pc to $82.2bn on a monthly basis.
Meanwhile, backlog orders in March amounted to $1.08tn, up by 0.4pc from February. Inventories for manufactured goods in the US now stand at $432bn, up by 1pc from the prior month led by transport which held a $149bn inventory in March, 1.4pc higher on a monthly basis.