Factory Orders Drop for Fourth Month
Factory orders dropped 0.7% in November, the fourth straight decline, the Commerce Department reported Jan. 6.
November’s decline was larger than economists forecast of a 0.5% drop, according to Reuters.
Factory activity has been hampered in part by a labor dispute at West Coast ports, which has hit deliveries and curbed inventory accumulation, the news service reported.
Orders for durable goods, manufactured products expected to last three years or more, declined by 0.9%.
Inventories rose 0.1% percent, and shipments fell 0.6%, likely reflecting delays moving goods at the West Coast ports, Reuters reported.
The trucking industry relies on factory orders and shipments for much of its business.
