New orders for US factory goods posted their largest drop in 17 months in April, the US government reported today.
Orders sank 2.9 per cent in April, the biggest fall since November 2001, the Commerce Department said, after rising 2.1 per cent in March. Analysts were expecting a drop of just 1.5 per cent.
The report showed sharp falls in demand for machinery, transportation and electrical equipment.
Orders for computers and electronic products rose a modest 0.3 per cent, but that followed a much faster 2.4 per cent increase the previous month.
