Factory orders slip, service sector growing more slowly: reports
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
Demand for commercial airplanes, ships and electrical equipment slipped in October, pushing factory orders nationwide down 0.4% in the second monthly decline in a row.
Orders for manufactured goods slipped $1.6 billion to $450 billion after falling 0.1% in September, the Commerce Department said Monday.
Durable goods -– those designed to last at least three years –- had orders slide 0.5% in October. Demand for non-defense aircraft and parts dropped 16.8% and fell 38.2% for ships and boats. Electrical equipment orders tumbled 5.3%.
But in a sign of optimism, inventories have increased 24 of the last 25 months, stepping up 0.9% in October to $607.1 billion.
Non-manufacturing industries such as hospitality, healthcare and retail had growth for the 24th straight month but at a slower rate, according to the Institute for Supply Management on Monday.
An index measuring service companies settled at 52% in November, less than the 52.9% registered in October and the lowest reading since January 2010, but still enough to signal expansion.
New orders were up, as were prices, according to the group.
RELATED:
Parent of American Airlines files for bankruptcy
Construction spending and manufacturing growing -- slightly
Toyota and Honda miss auto industry’s November sales wave
-- Tiffany Hsu
Video: Service sector taps on brakes. Credit: Reuters
