Monday, September 1st23.2°C
23003
22746

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

22929


Recent Trending




Today's Market
S&P TSX15625.73+67.561
S&P CDNX1023.991.62
DJIA17098.4518.88
Nasdaq4580.271+22.577
S&P 5002003.37+6.63
CDN Dollar0.9184-0.001
Gold1281.70-2.1001
Oil95.96+1.29
Lumber349.60+2.60
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.0750.00
Russel Metals36.48+0.09
Copper Mountain Mining2.93+0.02
Colorado Resources0.180.00
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.245-0.005

 



22870

FEATURED Property
1993343208 315 Whitman Road
2 bedrooms 2 baths
$259,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_








Member of BC Press Council


22810