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U.S. factory orders post sharpest decline in four months
New orders for U.S. factory goods dropped in July by the most in four months, a worrisome sign for economic growth in the third quarter. The Commerce Department on Thursday said new orders for manufactured goods dropped 2.4 percent. Analysts polled by Reuters had expected an even sharper decline. The decline was spread broadly across the nation's factories, from those producing computers and machinery to cars and electrical equipment. Manufacturing slowed in the spring, hobbled by tight fiscal policy and weak global demand. While a survey in August of purchasing managers by the Institute of Supply Management pointed ... (full story)
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