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'U.S. factory orders plunge as businesses remain cautious
Rise in jobless claims adds to tension as Wall Street awaits September employment data

MARTIN CRUTSINGER

Associated Press, with files from Bloomberg News

WASHINGTON -- Orders to U.S. factories fell in August by the largest amount in seven months, reflecting weakness across a wide swath of manufacturing as the turbulent financial market made businesses more cautious.

The U.S. Commerce Department said orders dropped by 3.3 per cent in August, even worse than the expected 2.8-per-cent decline. It was the biggest setback since orders fell 4.2 per cent in January.

Demand for commercial aircraft fell 39.9 per cent, leading the decline. Boeing Co., the world's second-largest maker of commercial jets, received 75 orders in August, about half the 149 the Chicago-based company had in July, according to company figures. Orders also were weak for other industries, from autos and home appliances to industrial machinery and steel.

Orders for durable goods, which are items expected to last at least three years, fell by 4.9 per cent. Demand for non-durable goods, such as food, clothing and gasoline, declined 1.6 per cent. In a troublesome sign, business demand for non-defence capital goods excluding aircraft - considered a good gauge for investment plans - dropped 0.5 per cent in August. This decline was blamed partly on greater caution among businesses in the face of the credit crunch, which caused stock-market turbulence in the late summer.

The drop in factory orders included big declines in two industries affected by troubles in the housing market: Demand for home appliances fell 7.2 per cent and orders for furniture slipped 4.4 per cent.'

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