US FACTORY ORDERS UNEXPECTEDLY FALL IN MAY
NEWS Desk Global
New orders for U.S.-manufactured goods unexpectedly fell in May, while business spending on equipment appeared weaker than initially thought, government data showed on Wednesday. Factory orders dropped 0.5% after rising 0.4% in April, the Commerce Department's Census Bureau said. Economists polled by Reuters had forecast factory orders would gain 0.2%.
Manufacturing, which accounts for 10.3% of the U.S. economy, is under pressure from higher interest rates and softening demand for goods. Government data last week showed manufacturing contracted at a 4.3% annualized rate in the first quarter, with most of the decline coming from long-lasting manufactured goods.
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