New orders for U.S.-made goods fell in April and shipments dropped by the most i...
WASHINGTON - New orders for U.S.-made goods fell in April and shipments dropped by the most in two years, indicating continuing weakness in manufacturing activity that could hurt the broader economy.
Fed Chairman Jerome Powell said on Tuesday the central bank was closely monitoring the implications of the trade tensions on the economy and would “act as appropriate to sustain the expansion.” The sector could see more disruptions to the supply chain after President Donald Trump announced last week that he would impose a tariff on all goods from Mexico in a bid to stem the tide of illegal immigration across the U.S.-Mexican border. The tariff would start at 5% on June 10.
Stocks on Wall Street were trading higher, boosted by Powell’s comments. The dollar rose marginally against a basket of currencies, while U.S. Treasury prices fell.
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