Factory Orders Slide in February
The number of orders placed with U.S. factories fell for the first time in three months during February, the Commerce Department said Wednesday. The decline of 1.5% during February put the total value of all products ordered at $321.2 billion, Commerce said. Excluding orders for transportation equipment, orders decline 2%, the report said.
The decline added to a slew of recent reports that indicate an economic slowdown in the early part of 2003.
A report released Tuesday by the Institute for Supply Management said that manufacturing activity in March contracted. Consumer confidence and spending also posted discouraging numbers in recent reports.
Manufacturing is a huge customer of the trucking industry and the sector accounts for about one-seventh of U.S. economic activity.
