Purchase orders for US-made goods continue to decline in April

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Source: Washington – Reuters

New orders for US-made goods fell sharply in April, and companies ’plans to spend on equipment fell faster than expected, indicating that corporate investment remained stagnant at the start of the second quarter amid the Covid-19 pandemic.

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.







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