THE ECONOMY

Machine Tool Orders Down in May: Orders for U.S.-made machine tools fell for the first time in three months in May, dropping 8.9%, a trade group said. The Assn. for Manufacturing Technology said May tool orders were $317.3 million, down from April’s $348.3 million pace but up 99.4% from May, 1992, when orders were at a $159.15 million level. The May decline reversed three brisk consecutive monthly gains in April, March and February that had been largely fueled by orders from the Big Three auto makers.