Facing a prolonged recession, businesses are cutting back:
AP: The Commerce Department said factory orders fell by 2.5 per cent from August, much worse than the 0.7 per cent drop analysts expected. That’s on top of a revised 4.3 per cent decline in August.
Excluding autos and aircraft, orders fell 3.7 per cent, the steepest drop since 1992 when the department began tracking sector-specific changes.
Orders for non-defence capital goods excluding aircraft, considered a good indication of business investment plans, fell by 1.5 per cent. That follows a 2.3 per cent drop in August and indicates companies are cutting back on investments, likely due to the economic downturn and difficulty getting credit. continue reading->
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