WASHINGTON — U.S. factory orders fell 1.2% in June, more than double what economists expected, the Commerce Department said Tuesday. Economists expected factory orders to fall 0.5%, according to Thomson Reuters.
Factory orders in May were revised downward to a decline of 1.8% from the originally reported 1.4% drop.
“The recovery is slowing from an already weak pace,” said Diane Swonk, chief economist at Mesirow Financial. “The Fed can’t stop that from happening.”