US factory orders fall at faster pace than expected in April
The greater than expected decrease was attributed to lower orders for durable goods and transportation equipment, which fell 1% and 2.4%, respectively, in April. Orders for transportation equipment had risen 15.1% in March.
The data also revealed that factory orders for non-durable goods climbed 0.2% after declining by 0.4% in the preceding month. Meanwhile, factory orders excluding transportation equipment followed a stable trend in April for a second consecutive month.
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