Mumbai, Aug. 5 -- After reporting a substantial increase by new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Monday showing factory orders pulled back sharply in the month of June.
The Commerce Department said factory orders dove by 4.8 percent in June after soaring by an upwardly revised 8.3 percent in May.
The sharp pullback by factory orders came as orders for durable goods tumbled by 9.4 percent in June after spiking by 16.5 percent in May. Orders for transportation equipment led the way lower, plummeting by 22.4 percent.
Meanwhile, the report said orders for non-durable goods increased by 0.5 percent in June after inching up by 0.1 percent in May.
The Commerce Department als...