Economic Buzz: US Factory Orders Slip In April

After reporting a sharp increase in new orders for US manufactured goods in the previous month, the Commerce Department released a report on Monday showing factory orders pulled back by more than expected in the month of April. The Commerce Department said factory orders slipped by 0.8% in April after rising by an upwardly revised 1.7% in March. The pullback was due to a steep drop in orders for durable goods, which plunged by 1.6% in April following a 2.7% spike in March. Orders for transportation equipment plummeted by 6% in April after spurting by 6.9% in March.