Durable Goods Orders Fall Unexpectedly
Washington, DC, March 26, 2008--Durable goods orders unexpectedly fell in February as demand for machinery fell, perhaps indicating that companies are becoming more reluctant to invest.
The 1.7 percent drop followed a 4.7 percent decrease in the prior month, the Commerce Department said.
Less transportation, orders fell 2.6 percent, the most since January 2007. Economists expected durable orders to rise 0.7 percent.
Orders for non-defense capital goods decreased 2.6 percent, the most since October. Shipments of those items, used in calculating gross domestic product, dropped 2.1 percent, the most since January 2007.