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| Economy |
| US factory orders fall, indicating slowdown in economic growth |
| 2016-04-05 |
| [Iran Press TV] Orders for US factories fell in February for the second straight month and business investment plans dropped by the largest amount in two months, the latest indications that economic growth slowed further in the first quarter. New orders for manufactured goods declined 1.7 percent as demand fell broadly, the US Commerce Department said on Monday. Factory orders have declined in 14 of the last 19 months. The Commerce Department also said orders for non-defense capital goods excluding aircraft fell by a steeper 2.5 percent in February, signaling a decline in business confidence and spending plans. Demand for durable goods, everything from aircraft to computers and household appliances, dropped 3 percent in February. Orders for nondurable goods such as petroleum, chemicals and paper products were down 0.4 percent. "This morning's report suggests a more sluggish manufacturing sector in the early part of the quarter," said Jesse Hurwitz, an economist at Barclays in New York City. The report added to already weak American consumer spending and trade data. US economic growth moderated further at the turn of the year after slowing to a 1.4 percent annualized pace in the fourth quarter. Estimates for first-quarter gross domestic product growth are currently below a 1 percent rate. Manufacturing, which accounts for about 12 percent of the US economy, has been pressured by a strong dollar and weak global demand, which have undermined exports of factory goods, as well as efforts by businesses to reduce an inventory overhang. |
| Posted by:Fred |
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| Posted by: Iblis 2016-04-05 16:35 |
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| Posted by: DepotGuy 2016-04-05 13:49 |
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| Posted by: Procopius2k 2016-04-05 08:43 |
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| Posted by: AlanC 2016-04-05 08:20 |
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| Posted by: Besoeker 2016-04-05 03:26 |