U.S. Factory Orders Fell in April
New orders for manufactured goods dropped 13.0% to a seasonally adjusted $384.3 billion in April as efforts to contain the new coronavirus kept workers home, disrupted supply chains and depressed demand. Economists surveyed by The Wall Street Journal had expected a 12.5% drop.
Here are highlights from Wednesday’s Commerce Department report:
–Excluding transportation, orders fell 8.5% in April from the previous month. Orders excluding defense slipped 12.3%. Orders for transportation and defense can be volatile from month to month.
–New orders for durable goods–items designed to last at least three years–decreased 17.7%, compared with a preliminary estimate of a 17.2% fall.
–Factory orders for March decreased 11% from a month earlier, compared with an earlier estimate of a 10.3% fall.
Source: Dow Jones