New orders received by US factories declined in March, the seventh decrease in the last eight months, government data showed today, signalling that the economic recession may be far from abating.
The Commerce Department said factory orders fell 0.9 per cent in March after a revised rise of 0.7 per cent in February. Initially, February's gain was reported as much higher, at 1.8 per cent, which ignited hopes that the manufacturing sector and the economy might be on the mend.
Economists polled by Reuters had expected a much smaller decrease in factory orders of 0.6 per cent.
Orders for non-defence capital goods excluding aircraft, considered a measure of business confidence, were up a slim 0.4 per cent in March, after jumping 4.1 per cent the month before.
Reuters