US factory orders likely dropped in February on decline in durable goods orders

US durable goods orders dropped 2.8% and are expected to have weighed on the headline factory orders, according to Societe Generale. Factory orders for February are expected to have declined by around 1.4%, added Societe Generale. Nondurable goods orders might have changed slightly in the month, sustained by a moderate recovery in coal and petroleum series.

In February, crude oil’s average price declined by around 3.6%; however, gasoline product supplied increased sharply 7.6%, the largest monthly gain in at least one decade. This might have countered the drag from lower prices and increased coal and petroleum shipments, noted Societe Generale.