Factory Orders Plunge 5.6% in Biggest Decline in Six Years

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Factory orders plunged 5.6% in January, the biggest drop in six years, the Commerce Department reported Tuesday.The downturn followed a revised 2.6% increase in December that was higher than an originally reported 2.4% gain.The decline was well below economists’ median estimate of a 4.5% drop, Bloomberg reported.Durable goods orders, which make up just over half of all orders, fell by 8.7% after a 3.5% gain in December.Construction machinery bookings plunged 41% following a 9.7% gain.The trucking industry relies on factory orders and shipments for much of its business.