Factory Orders Down
In another indication of a stalled economy, factory orders fell 2.3 percent to $318.1 billion in September, following a scant 0.4 percent decrease in August, according to the Department of Commerce. Orders for non-durable goods took a sharp hit with a 4.9 percent decline, while nondurable goods (including apparel) rose 0.9 percent. In another sign of economic malaise, the Institute for Supply Management (ISM) announced that its Purchasing Management Index fell to 48.5 in October from 49.5 in September. (An Index level below 50 indicates an economy in decline.)
