P. M. BRIEFING : Finished Goods Orders Edge Up
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WASHINGTON — Orders for manufactured goods edged up 0.4% in June, recovering slightly after a big drop the previous month, the government said today.
The Commerce Department said orders for both durable and nondurable manufactured goods totaled a seasonally adjusted $234.6 billion in June. In May, factory orders had plunged 2.6%.
Much of the strength in June came from an 18.3% surge in orders for military equipment, a rebound from an 11.4% drop in this volatile category in May.
The tiny overall June increase, while failing to recapture all the ground lost in May, provided some evidence that factory orders may be stabilizing. Analysts said that if that happens and sales pick up in coming months, the economy should be able to skate through the rest of 1989 without a recession.
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