Factory orders fall for third time in four months

Another bad sign for the economy. Industrial output, which had been surging in the first quarter, appears to be leveling off and even falling in the second quarter. Reuters: New orders for factory goods fell in April for the third time in four months as demand slipped for everything from cars and machinery to computers, the latest worrisome sign for the economic recovery. Outside transportation, orders dropped 1.1 percent, with machinery down 2.9 percent and orders for computers and electronics off by 0.8 percent. The Commerce Department said on Monday orders for manufactured goods dropped 0.6 percent during the month. The government also revised its estimate for new orders in March to show a steeper decline. Economists had forecast orders rising 0.2 percent in April. The report showed broad weakness in a sector that has carried the economic recovery, adding to a growing body of soft economic data. The Labor Department on Friday reported that job creation slowed in May...(Read Full Post)