Core machinery orders, a closely watched indicator of corporate spending, dropped 5.4 percent in April, the government said Wednesday, dimming prospects for a quick economic recovery.
The April result was far worse than the average forecast among market analysts of a 0.6 percent month-on-month rise in core machinery orders.
The value of orders was the lowest in 22 years, suggesting companies are wary of investing while the economy is mired in its steepest recession since World War II stemming from an unprecedented collapse in global demand.