India, July 2 -- Reflecting a sharp pullback in new orders for durable goods, the Commerce Department released a report on Thursday showing a steep drop in new orders for U.S. manufactured goods in the month of May.
The Commerce Department said factory orders slumped by 1.3 percent in May after spiking by an upwardly revised 5.3 percent in April.
However, economists had expected factory orders to tumble by 2.0 percent compared to the 4.8 percent surge originally reported for the previous month.
For comments and feedback contact: editorial@rttnews.com
Published by HT Digital Content Services with permission from RTT News....