August slide of 0.8% is wider than expected, sparked by downturn in transportation-related items.
October 2, 2003: 10:04 AM EDT
WASHINGTON (Reuters) - New orders for U.S. manufactured goods tumbled in August, the Commerce Department said Thursday in a report that provided another sign America's manufacturing sector is ailing.
Commerce said factory orders dropped a larger-than-expected 0.8 percent in August, led by a 2.3 percent drop in transportation-related orders. Orders for durable goods -- items meant to last three or more years -- were revised to a 1.1 percent decline from the 0.9 percent drop reported last week. Factory orders for July, however, were revised up slightly in Thursday's report, to a 2.0 percent gain.
The August decline was the first since April, when orders slid 2.6 percent, and was steeper than Wall Street forecasts for a 0.2 percent decline.
U.S. manufacturing has been among the sectors hardest hit by the sluggish economy. Companies have been slow to invest in new plants or equipment, or hire new workers, because they have excess production capacity.
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