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US Factory Orders Fell Unexpectedly in August
New orders for U.S. factory goods fell in August for the second time in three months, suggesting a possible softening in the manufacturing sector which has carried the economic recovery.The Commerce Department said on Tuesday orders for manufactured goods decreased 0.2 percent after a downwardly revised 2.1 percent increase in July. Economists had forecast orders to be unchanged after a previously reported 2.4 percent increase in July. While the report showed some weakness in the factory sector, a report on Monday by the Institute for Supply Management showed national manufacturing activity rose in September, which had eased concerns the U.S. was slipping into a new recession [cnbc explains] . The Commerce Department report showed orders excluding transportation decreased for the first time in six months, falling 0.2 percent. Orders for transportation equipment dropped 0.1 percent in August as demand for motor vehicles fell 5.3 percent. Posted by: Beavis 2011-10-04 |
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