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US factory orders drop 0.7 percent in January

US factory orders drop 0.7 percent in January


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WASHINGTON (AP) — Orders to U.S. factories fell in January for a second straight month but a key category that signals business investment plans rebounded. That could be an indication that businesses are becoming more confident.

The Commerce Department says factory orders dipped 0.7 percent in January following an even bigger 2 percent decline December, which was a larger drop than first reported and the biggest decline since July. The weakness in both months was led by large declines in demand for commercial aircraft.

Orders for core capital goods, a proxy for business investment, rose 1.5 percent in January, recovering after a 1.6 percent drop in December.

Demand for durable goods, items expected to last at least three years, were down 1 percent while non-durable goods orders slipped 0.4 percent.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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MARTIN CRUTSINGER

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