(Christopher S. Rugaber – Associated Press)
Demand for long-lasting U.S. factory goods fell by the most in 18 months, and a key category that tracks business investment also slipped, evidence that manufacturing output is barely growing.
Orders for durable goods – items meant to last at least three years – slid 1.1 per cent in May, the Commerce Department said Monday. It was the second straight decline.
U.S. manufacturing production has slowed after a solid start to the year. Business investment in new equipment jumped in the January-March quarter but has levelled off since then. Orders for capital goods, excluding aircraft and military equipment, slipped 0.2 per cent last month, a sign businesses are trimming their spending. Click here to read more.