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US factory orders tumble 3.3%, biggest drop since August 2014

Strong business spending is underpinning manufacturing

Reuters  |  Washington 

New orders for U.S.-made goods recorded their biggest drop in nearly three years in July, but demand for capital goods was stronger than previously reported, pointing to a faster pace of business spending early in the third quarter. Strong business spending is underpinning manufacturing and helping offset the drag from declining motor vehicle output. Manufacturing makes up about 12 percent of the U.S. economy. Factory goods orders tumbled 3.3 percent amid a slump in demand for transportation equipment, the Commerce Department said on Tuesday. That was the biggest drop since ...

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First Published: Tue, September 05 2017. 23:12 IST