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The U.S. Commerce Department released factory orders data on Tuesday. Factory orders in the U.S. dropped 0.7% in November, missing expectations for a 0.3% decrease, after a 0.7% decline in October. That was the fourth straight decline.
The decline was driven by weaker demand for primary metals, industrial machinery and military aircraft.
Manufacturing in the U.S. is cooling due to a slow economic growth in China and the Eurozone. A recession in Japan also weighed on manufacturing in the U.S.
Factory orders excluding transportation fell 0.6% in November.
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