Source: Washington – Reuters
The US Department of Commerce said today, Wednesday, that factory orders fell 13.0% after a decline of 11.0% in March. Economists polled by Reuters had expected orders to drop 14% in April.
On an annual basis, factory orders fell 8.0% in April.
But the downturn in the manufacturing sector, which accounts for 11% of US economic activity, is likely to approach stability.
The Institute of Supply Management said on Monday that its index of factory activity in America had risen from an 11-year low in May.