US Factory Orders Down 0.7% In November
The AP (1/6, Crutsinger), citing Commerce Department data released Tuesday, reports that orders to US factories declined for a fourth consecutive month in November, with a 0.5% drop in demand in the “closely watched” category of primary metals, industrial machinery, and military aircraft, indicating that planned business investment was down for the third month in a row. The AP said economists nonetheless “remain optimistic that the drop in orders is a temporary soft patch” and that a strengthening economy fueled by greater consumer spending “will trigger a rebound in demand in 2015.” The Commerce Department also said that demand for durable goods fell 0.9% in November, the third decline in the past four months. On a seasonally adjusted basis, total factory orders in November amounted to $492.7 billion, giving the first 11 months of 2014 a gain of 3.4% over the same period in 2013.
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