Factory Orders Fall in September
WASHINGTON (AP) _ Orders to American factories for manufactured goods fell sharply in September as demand weakened for airplanes, cars and industrial equipment.
The Commerce Department reported today that factory orders declined a bigger-than-expected 0.9 percent in September, following a 1.3 percent rise the month before. Many analysts had forecast factory orders would fall by only 0.7 percent in September.
September’s performance marks the first decline since a 1.4 decrease in April, the government said.
Federal Reserve policy-makers meet next on Nov. 16 to decide whether to raise interest rates for a third time this year to slow the economy and prevent an outbreak of inflation.
Many economists believe that the odds are slightly in favor of a rate increase in November, but said it’s a close call.