New orders for long-lasting U.S. manufactured goods fell in February as the sector continued to struggle with the lingering effects of a robust dollar and lower oil prices.
While other data on Thursday showed an increase in the number of Americans filing for unemployment benefits last week, revisions to the prior weeks’ figures showed the labor market was much stronger than previously thought.
The resilience of the labor market has helped calm fears the economy was heading into a recession, and the combination of tightening labor market conditions and firming inflation likely keeps the Federal Reserve on course to steadily raise interest rates this year.
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