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US Factory Orders Fall, but Rising Backlogs Hint at Stabilization

New orders for U.S. factory goods fell in May on weak demand for transportation and defense capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over. The Commerce Department said on Tuesday new orders for manufactured goods declined 1.0 percent after two straight months of increases. May's drop was in line with economists' expectations and followed a 1.8 percent increase in April. The department also said...

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