US factory orders fall 1.7% in February
The stronger dollar and persistently stagnant global demand continued to weigh down the country’s manufacturing activities while the sector has also been hit by lower investment by energy firms as they adjust to reduced profits from multi-year low oil prices.
The data also revealed that orders for non-defense capital goods excluding aircraft dipped 2.5% in February after declining 1.8% in the previous month. Orders for transportation equipment slid 6.2% while orders for machinery dropped 3.4% in February.
Meanwhile, shipments of core capital goods fell 1.7% in February following a decrease of 1.1% In January.
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