US factory orders down 1.6% in January

By Ovunc Kutlu

ISTANBUL (AA) - US factory orders fell 1.6% in January for the second consecutive time in the last three months, according to the Commerce Department.

New orders for manufactured goods decreased $8.9 billion to $542.8 billion, data showed Monday.

While the market expected a decline of 1.8%, it followed a 1.7% increase in December.

Orders for new durable goods were also down for a second time in the last three months, falling $12.8 billion, or 4.5%, to $272.4 billion.

New orders for manufactured nondurable goods, on the other hand, increased $3.9 billion, or 1.5%, to $270.4 billion.