Thursday, October 30th9.5°C
21625
23823

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

23630


Recent Trending




Today's Market
S&P TSX14490.75-36.82
S&P CDNX770.86-10.21
DJIA17171.40197.09
Nasdaq4555.298+6.072
S&P 5001990.50+8.20
CDN Dollar0.8940-0.0001
Gold1201.50-23.40
Oil81.06-0.90
Lumber324.50+2.90
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.115+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.12-0.03
Cantex0.045-0.015
Anavex Life Sciences0.172-0.008
Metalex Ventures0.0350.00
Russel Metals32.29-0.28
Copper Mountain Mining2.020.00
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.36-0.01

 





FEATURED Property
2000282#76-2005 boucherie road
3 bedrooms 2 baths
$94,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22620