U.S. Factory Orders Fell in January
By Sarah Chaney and Sharon Nunn
WASHINGTON--Orders at U.S. factories fell in January after five consecutive monthly gains, a sign of negative momentum for the manufacturing sector.
Orders for manufactured goods decreased 1.4% to a seasonally adjusted $491.69 billion in January, the Commerce Department said Tuesday. Economists surveyed by The Wall Street Journal predicted orders fell 1.5%.
Orders in December were revised to a 1.8% rise from an initial estimate of a 1.7% increase.
An upswing in consumer spending and business investment, as well as stronger overseas demand for U.S. exports, boosted the manufacturing sector last year. The improvement in capital spending was largely a result of rising oil prices.
Excluding transportation, orders were up 0.4%. Excluding defense, another volatile category, orders fell 0.8%.
Durable-goods orders dropped a revised 3.6%. Orders for nondurable goods, which includes products like fuel and drugs, increased 0.8% to $251.66 billion.
The Commerce Department report on factory orders can be accessed at http://www.census.gov/manufacturing/m3.
Write to Sarah Chaney at firstname.lastname@example.org and Sharon Nunn at email@example.com
(END) Dow Jones Newswires
March 06, 2018 10:15 ET (15:15 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.