US factory orders drop 2.4 percent but investment up
WASHINGTON (AP) — Orders to U.S. factories fell for the first time in five months in November, but much of the weakness reflected a swing in the volatile category of commercial aircraft.
Orders for durable goods, items expected to last at least three years, fell 4.5 percent, only a slight revision from a preliminary report showing a drop of 4.6 percent.
The big drop in oil and gas prices earlier in 2016 has been a key culprit, trigging cutbacks in orders by drilling companies for steel pipe and drilling equipment.