U.S. machine tool orders fell 14.6% in...

U.S. machine tool orders fell 14.6% in March to $254.4 million but were up a strong 83.3% in the first quarter of 1988 from 1987, the National Machine Tool Builders’ Assn. reported. Economists view machine tool orders as an indication of capital investment by manufacturers of durable goods, items such as refrigerators and automobiles that last at least three years. Orders often vary widely from month to month. Reflecting this, foreign orders of American-made machine tools were up 52.8% to $103.05 million in the first quarter of 1988 from 1987, the association said. In March, however, foreign orders were down 17.3% to $32.4 million.