Factory Order Rise a Gloomy Forecast
WASHINGTON — Orders to U.S. factories for manufactured goods edged up a weak 0.1% in September due to rising oil prices rather than increased demand, the government said today. Excluding oil, orders fell 1.1%.
Even with petroleum costs pushing up the value of orders, the level was the lowest since orders fell 1.9% last June. Factory orders are a key economic barometer of manufacturing industry plans. A decrease may forecast a slump in production and job layoffs.
The Commerce Department said orders for both durable and non-durable goods totaled a seasonally adjusted $244.5 billion following a 1.7% advance a month earlier.
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