Durable goods orders fall in June

The slowdown in factory orders for durable goods is another warning sign that the economy may be slipping back into recession. Reuters: New orders for a range of long-lasting manufactured goods fell in June and a gauge of planned business spending plans dropped, pointing to a slowdown in factory activity. Fears of tighter fiscal policy in early 2013 and a lingering debt crisis in Europe are dampening demand, causing a cooling in manufacturing activity. Factories have been the main pillar of support for the sluggish economic recovery. The Commerce Department said on Thursday durable goods orders excluding transportation dropped 1.1 percent, the biggest decline since January, after rising 0.8 percent in May. Economists had forecast this category being flat last month. Overall orders increased 1.6 percent as demand for aircraft surged, after an upwardly revised 1.6 percent increase the prior month. Economists polled by Reuters had forecast orders for durable goods,...(Read Full Post)