New orders for U.S.-made goods fell in April and shipments dropped by the most i...
WASHINGTON - New orders for U.S.-made goods fell in April and shipments dropped by the most in two years, indicating continued weakness in manufacturing activity that could undercut the broader economy.
Economists polled by Reuters had forecast factory orders would fall -0.9% in April. Factory orders rose 1.6% compared to April 2018. Manufacturing, which accounts for about 12% of the economy, is being squeezed by businesses placing fewer orders while working off stockpiles of unsold goods in warehouses.
The data joined moderate consumer spending as well as weak home sales and construction outlays in April in suggesting that economic growth was slowing sharply after a temporary boost from trade inventories and defense spending in the first quarter. U.S. stock indexes were trading higher after comments by Fed officials, including Chairman Jerome Powell, boosted hopes of a rate cut. Prices of U.S. Treasuries were lower while the dollar edged up against a basket of currencies. Orders for computers and electronic products fell 0.5%, while those for primary metals dropped 1.1%. Machinery orders rose 0.3% after dropping 2.0% in March. Orders for electrical equipment, appliances and components increased 0.9%.
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