US factory orders up 1.6 percent, best in 7 months

U.S. manufacturers' exports have been hurt this year by spreading economic weakness overseas and by a strong dollar, which has made their goods less competitive.

[...] a sharp fall in oil prices has hurt investment.

Demand for durable goods — items ranging from autos and appliances to airplanes and battleships — increased 4.7 percent in January, slightly lower than the 4.9 percent the government had estimated in a preliminary report last week.

Orders for commercial aircraft jumped 54.4 percent, with smaller gains for military aircraft and autos and auto parts.

Jesse Hurwitz, an economist at Barclays, said the orders report has led Barclays to cut its projection for economic growth in the January-March quarter to a 2 percent annual rate, down from 2.4 percent.