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Byline: JED GRAHAM
Big-ticket orders to U.S. factories surged 3.4% in March to $192.7 billion after an upwardly revised 3.8% gain in February, the Commerce Department said Friday.
The report provided fresh evidence that business investment is healthy and that the manufacturing rebound will be sustained.
The monthly jump in durable goods orders smashed estimates for a 1% rise, becoming the latest in a string of robust economic data to surprise Wall Street. Even more impressive, February's gain was revised up from the initial 2.5% first reported. Overall, durable goods orders rose 16% in March from a year ago.
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