US factory orders fall 1.3% in Sept
Data suggests businesses may have held back due to debt default debate
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[WASHINGTON] Orders for a wide range of US-made capital goods sank more than previously estimated in September, a sign companies cut their investment plans sharply as Washington hurtled to the brink of default.
New orders of non-military capital goods other than aircraft, an indicator of business spending plans, fell 1.3 per cent during the month, the Commerce Department said yesterday.
The data suggests businesses may have shut their wallets as a political impasse threatened to lead the government to miss payments on its obligations, and could give the Federal Reserve more reason to leave its bond-buying stimulus programme at full throttle for the rest of 2013.
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