Friday, August 28th20.5°C
27271
27193

US factory orders slide 0.5 per cent in May, ending 3 months of gains

WASHINGTON - Orders to U.S. factories fell in May, ending three months of gains.

The Commerce Department reported that orders fell 0.5 per cent, pulled down by falling demand for military and transportation equipment. That followed increases of 0.8 per cent in April, 1.5 per cent in March and 1.7 per cent in February.

Excluding military hardware, factory orders rose 0.2 per cent in May from April. Orders for transportation equipment fell 2.9 per cent. Orders for computers and electronic equipment fell 2 per cent, biggest monthly drop since December.

Orders for durable goods, meant to last three years or more, fell 0.9 per cent in May. Orders for nondurable goods slipped 0.2 per cent.

Factory orders were up 2.5 per cent from May 2013.

U.S. factories have been busy. The Institute for Supply Management reported Tuesday that manufacturing expanded in June for the 13th straight month, though the pace of growth slowed from May.

A measure of employment showed that factories added jobs for the 12th straight month; the pace of hiring last month was the same as in May.

Manufacturers added 10,000 jobs in May as overall U.S. employers created more than 200,000 jobs for the fourth straight month, longest such stretch since 1999. The government's employment report for June comes out Thursday.

The U.S. economy shrank at a 2.9 per cent annual rate from January through March. But economists blame the first-quarter drop on an unusually bitter winter and a sharp reduction in businesses' inventories. They expect economic growth to rebound to an annual pace of 3 per cent or more the rest of the year, boosted by rising consumer demand and a rebound in U.S. export sales.

Economists have been worried about the fallout from slower economic growth in China. But a survey out Tuesday showed that Chinese manufacturing grew in June for the first time in six months, though the expansion was weak. HSBC Corp. said Tuesday its purchasing managers index for China rose to 50.7 from May's 49.4 on a 100-point scale. Numbers above 50 signal growth.

The Canadian Press


Read more Business News

27194


Recent Trending




Today's Market
S&P TSX13830.20+63.53
S&P CDNX551.71+6.14
DJIA16610.63-44.14
Nasdaq4816.30+3.59
S&P 5001984.05-3.61
CDN Dollar0.7570-0.0003
Gold1119.50-5.10
Oil45.51+2.95
Lumber236.90-10.00
Natural Gas2.717+0.053

 
Okanagan Companies
Pacific Safety0.165+0.005
Knighthawk0.010.00
QHR Technologies Inc1.30+0.06
Cantex0.04-0.01
Anavex Life Sciences1.32-0.07
Metalex Ventures0.055+0.000
Russel Metals21.36+0.38
Copper Mountain Mining0.65+0.00
Colorado Resources0.075-0.005
ReliaBrand Inc0.004-0.000
Sunrise Resources Ltd0.025+0.005
Mission Ready Services0.07+0.01
Decisive Dividend Corp2.75+0.14

 





FEATURED Property
21374692050 Shannon Lake Road
4 bedrooms 3 baths
$859,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_



26509

26586


Member of BC Press Council


26785