Factory Orders Decline 1.2% in April

Factory orders fell 1.2% in April, the largest drop in almost a year, the Commerce Department said Thursday.

The decline followed a revised 3.8% increase in March that had originally been reported as a 3% gain.

The reading topped economists’ forecasts of a 1% decrease, Bloomberg reported.

Durable goods orders, which make up just over half of all orders, fell 3.6%.

Capital goods orders excluding aircraft and military orders, a measure of future business investment, fell 2.3%, the most since January.

The trucking industry relies on factory orders and shipments for much of its business.