U.S. factory orders unexpectedly fell
in August on lower demand for aircraft. Bookings rose for a range
of consumer products such as automobiles and appliances,
suggesting the U.S. economy strengthened in the third quarter, Bloomberg reported Monday.
“We are seeing a balanced expansion,” Anthony Santomero,
president of the Federal Reserve Bank of Philadelphia, said in a Bloomberg
interview. “We have consumers continuing to spend. We have
business investment expanding at a reasonable clip.”
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The 0.1 percent drop to $370.5 billion in orders followed a
1.7 percent increase in July, when there was a surge
in orders for commercial planes, the Commerce
Department reports.
“The manufacturing sector is doing quite well,” said
Stephen Stanley, chief economist at RBS Greenwich Capital Markets
in Connecticut.
The orders may support the Fed’s view that the economy is
growing strongly enough to lift interest rates at a “measured”
pace. The Fed raised its benchmark interest rate three times since
June to 1.75 percent.
A report Friday is forecast to show the U.S. added
150,000 jobs in September – the most since May.
Bloomberg news
