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Rise in factory orders beats expectations

Wednesday, July 2, 2003 | 9:50 a.m.

WASHINGTON -- Orders to American factories rose modestly in May, a dose of good news for the nation's manufacturing sector, which has been struggling to get out of a rut.

The Commerce Department reported today that new orders placed to U.S. factories went up by 0.4 percent in May from April, the best showing in two months. The increase comes after orders fell by a sharp 3 percent in April from March, representing the steepest decline since November 2001.

May's performance turned out to be stronger than the flat forecast economists had been making.

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