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Saturday, December 9, 2023
HomeNewsEconomyManufacturing Sector Takes Another Hit With Factory Goods Data, Hinting 4Q Slowdown

Manufacturing Sector Takes Another Hit With Factory Goods Data, Hinting 4Q Slowdown

(Photo: REUTERS)

New orders for U.S. factory goods fell for second straight month in September, another setback for the U.S. manufacturing sector that just began to bounce back. The Commerce Department said on Tuesday orders fell by 0.6 percent, but August’s orders were slightly revised to show a 10.0 percent fall instead of the previously reported 10.1 percent decline.

Wall Street’s expect the decline, but not for it to coincide with unexpected poor reports in manufacturing earlier in the weak and widening trade gap measures. The Commerce Department said the U.S. trade gap skyrocketed 7.6 percent to $43.03 billion, while exports are expected to weaken even further after a survey of U.S. manufacturers published on Monday showed a decline in a gauge of export order growth.

The broad-based decline in orders, which was topped by aircraft, machinery, capital goods and computers and electronic products, will hopefully remain short-lived.

In September, if we exclude orders for the volatile transportation industry, then factory goods orders were essentially flat for the second month. Commerce Department also said orders for durable goods, which are manufactured products designed to last three years or more, declined by 1.1 percent.

Orders for non-defense capital goods excluding aircraft – seen as a measure of business confidence and spending plans – fell 1.6 percent rather than the previously reported 1.7 percent decline.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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