The U.S. Commerce Department reported on Tuesday that the value of new factory orders rose 1.1 percent m-o-m in March, following a revised 0.5 percent m-o-m drop in February (originally an 0.8 percent m-o-m fall).

Economists had forecast a 1.3 percent m-o-m increase.

According to the report, gains occurred in orders for fabricated metal products (+4.0 percent m-o-m), primary metals (+1.6 percent m-o-m), machinery (+1.5 percent m-o-m) and computers and electronic products (+0.5 percent m-o-m). However, these advances were partially offset by a decline in orders for transport equipment (-1.6 percent m-o-m).

Meanwhile, total factory orders excluding transportation, a volatile part of the overall reading, increased 1.7 percent m-o-m in March (compared to a revised 0.2 percent m-o-m fall in February), while orders for nondefense capital goods excluding aircraft, a measure of business spending plans, went up 1.2 percent m-o-m instead of advancing 0.9 percent m-o-m as reported last month. The report also showed that shipments of core capital goods jumped 1.6 percent m-o-m in March, rather than gaining 1.3 percent m-o-m as previously reported.