Factory orders fall more than forecast

US factory orders fell 1% in September, according to the Census Bureau.

Economists had estimated that factory orders fell 0.9% in September, after a 2% drop (revised from 1.7%) in the prior period.

Shipments fell $US1.8 billion, or 0.4%, while inventories shrank by 0.4%, or $US2.4 billion.

In a preview to clients, UBS’ Sam Coffin wrote, “The weakness in durable goods orders was probably compounded by a price-related drop in nondurables orders. Nondurable inventories probably also were trimmed by falling prices. The impact on GDP will be lessened by the extent to which that weakness reflected prices rather than real volumes.”

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