WASHINGTON - New orders for US manufactured goods cratered in April by 17.2 per cent as the Covid-19 pandemic shut down factories nationwide, the Commerce Department reported on Thursday .
Excluding transportation, sales fell just 7.4 per cent, according to the data, but transportation orders collapsed by more than 47 per cent after the 43 per cent plunge in March. Like other manufacturers, Boeing shuttered its factories due to the pandemic but restarted them late last month. However, the company also announced it is slashing its workforce by 10 per cent and reducing production.While manufacturing is a much smaller, though still important, part of the services-dominated US economy, it still has a heavy weight in measuring GDP.
In a separate report, the Commerce Department said US GDP fell 5 per cent in the first three months of the year, slightly worse than the 4.8 per cent drop originally reported, putting an end to a decade of economic expansion.
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