Factory orders decline for second month
Published March 26, 2008 by CSBJ Staff
The Associated Press
Orders to factories for big-ticket manufactured goods fell for a second straight month in February, a worse-than-expected performance that provided more evidence of the economic troubles gripping the country.
The Commerce Department reported Wednesday that demand for durable goods dropped 1.7 percent last month, disappointing analysts who had been expecting a small rebound after a 4.7 percent decline in orders during January.
The declines showed up in a number of areas. Demand for manufacturing equipment plunged by 13.3 percent, the largest amount on record, while the category that is seen as a good proxy for business investment fell by 2.6 percent, the biggest decline in four months.
The problems in manufacturing are a reflection of weakness in the overall economy as the country struggles with a prolonged slump in housing, a severe credit crunch, soaring energy prices and higher unemployment.
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