Factory Orders Decline After Three Straight Increases
anuary factory orders declined following three straight increases, the Commerce Department said Monday.
The 4.5% drop to $398.2 billion followed a 1.6% gain in December. Excluding transportation orders, factory orders rose 1.6%
Economists had predicted an even greater decline of 5.4%, Bloomberg reported.
Booking for durable goods, which account for just over half of total orders, fell 9.9% after rising 2.5% in December. Non-durables orders rose 2.2% following a 0.5% gain.
Automobiles and auto parts orders fell 2.9% after rising 6.6% a month earlier.
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