Coronavirus forces record drop in factory orders in March

Factory orders dropped 10.3%, according to the Commerce Department

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

WASHINGTON (Reuters) - New orders for U.S.-made goods fell more than expected in March and could sink further as disruptions from the novel coronavirus fracture supply chains and depress exports.

The Commerce Department said on Monday factory orders dropped 10.3%. Data for February was revised down to show orders dipping 0.1% instead of being unchanged as previously reported.

FIRST MAJOR RETAILER SUCCUMBS TO CORONAVIRUS FALLOUT, FILES FOR BANKRUPTCY

Economists polled by Reuters had forecast factory orders tumbling 9.7% in March.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

(Reporting by Lucia Mutikani, Editing by Franklin Paul)