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New orders for U.S. manufactured goods surged in line with economist estimates in the month of March, according to a report released by the Commerce Department on Thursday. The Commerce Department said factory orders shot up by 1.6 percent in March after jumping by a downwardly revised 1.2 percent in February.

A report released by the Labor Department on Thursday showed labor productivity in the U.S. increased by less than expected in the first quarter of 2024. The Labor Department said labor productivity rose by 0.3 percent in the first quarter after spiking by a revised 3.5 percent in the fourth quarter. Economists had expected productivity to climb by 0.8 percent.

The Organization for Economic and Co-operation and Development on Thursday lifted the global growth forecast for this year and next despite some substantial concerns about the outlook. The Paris-based think tank raised the global growth forecast for this year to 3.1 percent from 2.9 percent projected in February. The outlook for next year was lifted to 3.2 percent from 3.0 percent.

The U.S. trade deficit edged slightly lower in the month of March, according to a report released by the Commerce Department on Thursday. The Commerce Department said the trade deficit narrowed to $69.4 billion in March from a revised $69.5 billion in February Economists had expected the trade deficit to inch up to $69.1 billion from the $68.9 billion originally reported for the previous month.