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Current Events => Economics => Topic started by: Ptarmigan on February 03, 2022, 06:59:06 PM

Title: Bidenflation: Factory Orders Plunge Twice as Much as Expected
Post by: Ptarmigan on February 03, 2022, 06:59:06 PM

Bidenflation: Factory Orders Plunge Twice as Much as Expected
https://www.breitbart.com/economy/2022/02/03/bidenflation-factory-orders-plunge-twice-as-much-as-expected/

Quote

New orders for U.S.-made goods fell twice as much as expected in January–and by even more than that in inflation-adjusted terms.

The Commerce Department said on Thursday that factory orders dropped 0.4 percent in December, the largest month-to-month drop since the pandemic lockdown crash of April 2020. Economists had forecast orders tumbling just 0.2 percent.

Factory orders are measured in nominal dollars, meaning they do not take into account inflation. When prices are rising rapidly, as they did for most of last year, even a rise in orders can actually be a contraction of output because factories may be putting out fewer goods that have higher prices.

The economy is in a sorry state.