U.S. factory orders rise 1.2 percent in April

WASHINGTON, June 3 (BestGrowthStock) – New orders received by U.S.
factories rose 1.2 percent in April, U.S. Commerce Department
data showed on Thursday, marking a slowdown from March’s
surprisingly robust gain.

Economists polled by Reuters had expected an increase of
1.8 percent in April after March’s upwardly revised 1.7 percent
rise.

Excluding transport, orders fell 0.5 percent, the first
decline in nine months.

Non-defense capital goods orders, excluding aircraft, seen
as a proxy for business spending, fell 2.6 percent after an
upwardly revised 6.7 percent jump in March.

Business spending has been a primary driver of the economic
recovery, so April’s decline suggested a pullback at the start
of the second quarter.

Investment Analysis
(Reporting by Emily Kaiser; editing by Jeffrey Benkoe)

U.S. factory orders rise 1.2 percent in April