WASHINGTON – New orders for U.S.-manufactured goods fell more than expected in June, but business spending on equipment was solid as was initially estimated, government data showed on Friday.
Factory orders dropped 3.3% after slipping 0.5% in May, the Commerce Department’s Census Bureau said. Economists polled by Reuters had forecast factory orders falling 2.9%.
The government also reported that orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans on equipment increased by 0.9% in June, slightly revised down from the 1.0% reported last month.
Nondefense capital goods orders plunged 22.5%, instead of 22.4%, as initially estimated.
(Source: Reuters)
Kevin Putnam is a financial journalist and editor based in New York. He specializes in editing news and analysis related to U.S. stock market.
