April factory orders post weak gain
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Orders to U.S. factories posted a weaker-than-expected gain in April as declines in demand for cars, planes and boats offset strength in business investment.
The Commerce Department reported Monday that factory orders increased 0.3% in April, the weakest showing in three months. Analysts had expected a 0.8% increase.
Still, economists were encouraged that orders for nondefense capital goods excluding aircraft -- a category considered a good proxy for business investment -- were up a strong 2.1% in April after a 4.6% rise in March.
The overall reading reflected a 1.6% drop in orders for transportation equipment.
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