U.S. factory orders slump 0.8% in May
WASHINGTON — Factory orders fell 0.8 percent in May, the biggest drop since November, the Commerce Department said Wednesday.
They fell 0.3 percent in April.
Economists had expected factory orders to drop again in May — but the fall was twice what they’d forecast.
Excluding the volatile transportation sector, factory orders fell 0.3 percent in May. Orders for civilian aircraft plunged 11.6 percent after dropping 12.2 percent in April. Computer orders slid 2.1 percent
Orders rose a modest 0.2 percent in a category — capital goods excluding aircraft and military equipment — that is closely monitored for signs of businesses’ investment plans.
American manufacturing has been sending mixed signals.
The Federal Reserve reported last month that factory orders fell 0.4 in May, reversing a sharp increase in April. The Institute for Supply Management reported Monday that its manufacturing index rose last month to the highest level since August 2014.