Orders at U.S. factories dipped in May, dragged by less demand for steel, aluminum, furniture, electrical appliances and military aircraft.
Figures released Tuesday morning by the U.S. Commerce Department show factory orders fell 1% in May, after gains in the two prior months.
Experts opine the decline suggests that U.S. manufacturers have yet to recover fully from the sting of weaker economic growth worldwide. Gauges of factory activity increasingly look mixed, with some still showing the pain caused earlier this year by a stronger American dollar hurting exports and lower oil prices leading to cutbacks in orders for equipment and pipelines.
Demand in a category that serves as a proxy for business investment — non-military goods that exclude the volatile aircraft category — slipped 0.4% in May.
