Orders to U.S. factories for big-ticket manufactured goods fell in May, reflecting a second straight month of weakness in demand for commercial aircraft.
The Commerce Department reported Friday that orders for durable goods dropped by 0.3 percent last month after an even bigger 4.7 percent plunge in April. The weakness in both months was led by big declines in orders for commercial aircraft, an extremely volatile category that had been enjoying large gains at the beginning of the year.
It was the first time that total orders have registered back-to-back declines in two years and provided further evidence that the U.S. economy is slowing under the impact of rising interest rates, soaring gasoline prices and a cooling housing market.
