Factory Orders Decline but Still Near Peak

Washington, DC, March 5, 2012 -- Orders for factory produced goods declined in January after a tax credit expired.

The Commerce Department said factory orders fell 1% in January. Investment in a category considered a proxy for business investment fell 3.9%, the biggest decline in a year.

This followed a big increase in December, the final month businesses could take advantage of a one-year investment tax break.

Orders totaled $462.6 billion in January, 37.7% above the recession low hit in March 2009 and only 4.6% below the previous orders peak set in June 2008.