Friday, May 1, 2009
The government says orders to U.S. factories fell a larger-than-expected 0.9% in March, while factory shipments dropped for a record eighth consecutive month. The report was further evidence of the severity of the recession.
The Commerce Department's reported decrease exceeded the 0.6% fall economists had been expecting. Shipments of manufactured products tumbled 1.2%, an eighth consecutive decline. It marked the longest stretch of decreases on records going back to 1992.
American manufacturers have been battered by a prolonged recession in the United States and spreading weakness overseas that has sharply reduced their foreign sales.