US manufacturing orders dived in August, nearly reversing July's gain, on a sharp drop in volatile Boeing aircraft orders, the Commerce Department reported today.
New orders for manufactured goods fell 10.1 per cent to USD 56.1 billion in August, following a 10.5 per cent increase in July.
Most of the swing was due to aerospace giant Boeing, which had scored massive commercial jetliner orders in July.
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Stripping out transportation, orders slipped a scant 0.1 per cent in August.
The August fall came after two straight months of gains, and was much larger than the 9.3 per cent decline estimated by economists.
Orders for durable goods, which account for about half of the manufacturing orders, dropped 18.4 per cent.
Transportation equipment orders drove the decline, tumbling 42.2 per cent, led by a 74.3 per cent dive in nondefense aircraft orders. Orders for automobile production fell 5.4 per cent, while computer orders slid 15.2 per cent.
Orders for nondurable goods were down 0.4 per cent.
Compared with a year ago, factory orders increased 4.3 per cent, with ex-transportation orders up 2.5 per cent.
