Factory orders shy of estimates

• March Factory Orders: +1.1% to $512.9B vs. +1.3% consensus and -0.5% prior (revised from -0.8%).
• Fabricated metal products, up six of the last seven months, led the increase, $1.4 billion or 4.0 percent to $35.4 billion. New orders for manufactured nondurable goods increased $3.8 billion or 1.5 percent to $256.0 billion.
• Shipments +2.8% to $257.6B.
• Unfilled Orders +0.4% to $1,087.8B.
• Inventories +1% to $431.9B.