Factory Orders Tumble In May

New orders for U.S. factory products fell more than expected in May a government report showed Friday.

The Commerce Department said factory orders fell 1.4 percent in May, the steepest drop since March of last year. Analysts were expecting a drop of 0.5 percent. This marked the first decline in nine months.

An indicator of business spending, non-defense capital goods excluding aircraft, rose 3.9 percent.

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