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US factory orders fall in February

US factory orders fall in February

Mubasher: Demand on US-manufactured products posted a decline in February, while shipments reversed a four-month decline streak, an official report showed on Monday.

New orders for factory goods fell 0.5% or $2.6 billion to $497.5 billion last February, the US Census Bureau said.

This came on the back of weaker inflows of orders for machinery, transportation equipment, and computers and electronic products.

On annualised basis, US factory orders rose 2.4% in February.

Shipments went up $2 billion or 0.4% to $505.5 billion in February, after a 0.3% decline in January.

Unfilled orders also went down 0.3% during the month, totalling $1.177 trillion.

Inventories of manufactured durable goods rose 0.3% to $418.9 billion.

Manufacturing sector, which represents around 12% of the US economy, is witnessing a slower economic growth as the boost from last year’s $1.5trillion tax cut wanes.

Trade war with China is taking also a heavy toll on activity, in addition last year’s surge in the US dollar and slowing global economic growth.

By 2:33 pm GMT, the EUR/USD pair rose 0.47% to $1.1269.