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Factory Orders At 16-Month Low As Tech, Machine Tools Weaken.(A)
Byline: AP
Slackening demand for industrial equipment, including computers and machine tools, helped to drive down orders to U.S. factories in February to their lowest point in 16 months.
The Commerce Department's report Tuesday provides further evidence that the manufacturing sector continued to struggle in February with the slowdown that has gripped the overall economy, economists said.
Factory orders fell by a bigger-than-expected 0.4% in February to a seasonally adjusted $362.8 billion, the lowest level since October 1999. Many analysts were expecting a 0.2% decline.
The report "showed continued problems in the manufacturing sector as new orders were unimpressive and shipments were lethargic," said Michael Moran, chief economist at Daiwa Securities.
Decline At Slower Rate
A more recent snapshot of manufacturing activity released Monday suggested the situation improved somewhat last month. Although the National Association of Purchasing Management report showed that manufacturing activity fell in March for the eighth month in a row, the decline was at a slower rate than in January and February, which some economists found a bit encouraging.
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