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WASHINGTON (AP) - Orders to U.S. factories posted a weaker-than-expected gain in April as declines in demand for cars, planes and boats offset strength in business investment.
The Commerce Department reported Monday that factory orders increased by 0.3 percent in April, the weakest showing in three months. It was less than half of the 0.8 percent increase that analysts had been expecting.
Still, economists were encouraged that orders for non-defense capital goods excluding aircraft — a category considered a good proxy for business investment — was up a strong 2.1 percent in April following an even larger 4.6 percent rise in March.
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