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Tuesday, 24 November 2009 GMT
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US Factory Orders Fall By The Most In Nearly 2 Years
Thursday, 02 October 2008 14:07:59 GMT
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New factory orders in the US fell by 4 percent during the month of August, marking the sharpest decline since October 2006. Looking at a breakdown of the report, nearly every component declined, including transportation, defense, and computers and the move is in line with the absolutely abysmal ISM Manufacturing figures we saw released yesterday. Indeed, that index held below 50 for two consecutive months - signaling contraction - and the latest number was the worst since October 2001. With both foreign and domestic demand waning, output in the manufacturing sector is likely to remain extremely weak going forward. The US dollar has weakned slightly on the release after rallying for much of the morning.
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