US factory orders fall more than expected in April

​​​​​​​By Mucahithan Avcioglu

ISTANBUL (AA) - US factory orders fell 3.7% month-on-month in April, exceeding expectations, according to data released Tuesday.

The value of orders amounted to $594.6 billion, US Census Bureau data showed.

While factory orders fell 3.4% in March, the expectation for April was a decline of 3.1%.

Shipments, down two consecutive months, decreased $1.8 billion, or 0.3%, to $598.9 billion.

Unfilled orders, up 11 of the last 12 months, increased $0.7 billion, or broadly unchanged to $1.4 trillion.

Factory orders are important for shedding light on the near future performance of the industrial sector -- an important spot in the US economy.