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US factory orders dive on fall in aircraft orders

[WASHINGTON] US manufacturing orders dived in August, nearly reversing July's gain, on a sharp drop in volatile Boeing aircraft orders, the Commerce Department reported on Thursday.

New orders for manufactured goods fell 10.1 per cent to US$56.1 billion in August, following a 10.5 per cent increase in July.

Most of the swing was due to aerospace giant Boeing, which had scored massive commercial jetliner orders in July.

Stripping out transportation, orders slipped a scant 0.1 per cent in August.

The August fall came after two straight months of gains, and was much larger than the 9.3 per cent decline estimated by economists.

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Orders for durable goods, which account for about half of the manufacturing orders, dropped 18.4 per cent.

Transportation equipment orders drove the decline, tumbling 42.2 per cent, led by a 74.3 per cent dive in non-defence aircraft orders. Orders for automobile production fell 5.4 per cent, while computer orders slid 15.2 per cent.

Orders for non-durable goods were down 0.4 per cent.

Compared with a year ago, factory orders increased 4.3 per cent, with ex-transportation orders up 2.5 per cent. - AFP

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