US factory orders fell 0.5 per cent in June indicating further slowdown in manufacturing
August 02, 2012 - 10:09 AM
WASHINGTON - Companies placed fewer orders with U.S. factories in June from May, signalling further weakness with manufacturing.
The Commerce Department says factory orders fell 0.5 per cent in June, the third decline in four months. Orders for core capital goods, considered a good proxy for business investment, dropped 1.7 per cent. Demand fell for heavy machinery and computers.
Orders to U.S. factories in June totalled $465.8 billion, up 42.5 per cent from the recession low hit in March 2009.
Manufacturing has helped drive economic growth since the recession ended three years ago. But it has slowed sharply in recent months, along with the broader economy.
Demand for long-lasting goods, items such as autos and airplanes, increased 1.3 per cent in June. Demand for non-durable goods such as petroleum products, fell 2 per cent.
News from © The Associated Press, 2012