The U.S. Commerce Department reported on Wednesday that the value of new factory orders tumbled 13.0 percent m-o-m in April, following a revised 11.0 percent m-o-m plunge in March (originally a 10.3 percent m-o-m decline). That was the biggest fall in new orders on record.

Economists had forecast a 14.0 percent m-o-m decrease.

According to the report, orders for transportation equipment plummeted 48.3 percent m-o-m in April after a 43.2 percent decrease in the previous month. Total factory orders excluding transportation declined 8.5 percent m-o-m in April compared to a 4.0 percent m-o-m fall in March.