Factory orders in May dip after two straight months of rises
But growing order backlogs suggest manufacturing may be close to turning the corner
Wed, Jul 06, 2016 - 5:50 AM
HIT BY WEAK GLOBAL DEMAND: In May, orders for transportation equipment fell 5.7 per cent, despite a 0.8 per cent rise in demand for motor vehicles and parts.
NEW orders for US factory goods fell in May on weak demand for transportation and defence capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over.
The Commerce Department said on Tuesday that new...