Signs of economy slowing as February factory orders fall

Washington

NEW orders for US factory goods fell in February and business spending on capital goods was much weaker than initially thought, the latest indications that economic growth slowed further in the first quarter.

The Commerce Department said on Monday that new orders for manufactured goods declined 1.7 per cent as demand fell broadly, reversing January's downwardly revised 1.2 per cent increase. Orders have declined in 14 of the last 19 months. They were previously reported to have increased 1.6 per cent in January.