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Tuesday, November 04, 2008
Factory Orders Drop 2.5% in September
Associated Press
WASHINGTON--The government says factory orders dropped for the second straight month in September as businesses cut back on purchases of steel, computers and other equipment amid the economic downturn.
The Commerce Department says factory orders dropped by 2.5% from August, much worse than the 0.7% drop analysts expected. That's on top of a revised 4.3% decline in August.
Excluding autos and aircraft, orders fell 3.7%, the steepest drop since 1992, when the department began tracking sector-specific changes.
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