P. M. BRIEFING : August Factory Orders Rise 2.9%
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WASHINGTON — Orders to U.S. factories for manufactured goods rebounded 2.9% in August after falling in July to their lowest level in eight months, the government reported today.
The Commerce Department said orders for both durable and non-durable manufacturered goods totaled a seasonally adjusted $237.2 billion following a 2% decline in July to the lowest level since last November. Orders rose 0.6% in June.
The report was the latest in a string of indicators showing that the nation’s economy continued to grow modestly last summer, despite earlier fears that efforts to control inflation could steer it into a recession.
Shipments of manufactured goods rose 5.6%, the sharpest increase in the current economic expansion that began in 1982. Shipments had fallen 2.3% in July, the sharpest fall since March, 1986.
However, unfilled orders declined 0.3%, the first drop since a 0.1% fall in February, 1987, indicating decreased demand for goods.
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