Factory Orders Drop 10.1% in August
Factory orders dropped 10.1% in August after a 10.5% rise the prior month, the Commerce Department reported Oct. 2.
August’s decline was higher than the forecast of 9.5%, according to the median forecast in a Bloomberg News survey.
The decline, the largest on record, reflected an expected 74.3% drop in demand for commercial aircraft, the Associated Press reported.
Excluding transportation, orders would have edged down only 0.1% in August, AP reported.
Durable goods orders fell 18.4% in August after a 22.5% increase in July.
The trucking industry relies on factory orders and shipments for much of its business.
