29 August
US factory orders plunge 3.7% in May
The volume of US factory orders suddenly dropped by 3.7% in May, sparking investor concerns about the industrial sector’s health. Investing experts expected only a 3.1% decline. However, even that drop was enough to make the markets nervous, since just a month ago, orders were up 3.4%.
Typically, stronger factory data supports the dollar, but May’s slump may weigh on the US currency, Investing reports. Analysts warn that a sharp decline in industrial production could also negatively impact the national economy.
Analysts have already expressed their thoughts on how Donald Trump's tariff policy could damage the country's GDP growth. The markets are worried about stagflation. However, Investing stresses the need for a comprehensive look at the numbers, with the overall economic context in mind.
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