Posted 3/5/2024, 3:43:19 PM
Factory Orders Drop in January, But Signs of Manufacturing Recovery Emerge
- Factory orders fell 3.6% in January, more than expected, pulled down by a large decline in aircraft orders
- Demand rose for computers, electronics, electrical equipment, and motor vehicle parts
- There are signs manufacturing may be recovering after slowing in 2022 amid interest rate hikes
- Orders for non-defense capital goods were unchanged in January instead of rising slightly
- Business spending on equipment has contracted for two straight months
