U.S. Durable-goods Orders Drop 1.3% In September, Below Forecast
Orders for U.S. durable goods fell 1.3% in September to mark the second straight decline, as demand waned for a variety of products including autos, aircraft, computers and heavy machinery. Economists polled by MarketWatch had expected durable-goods orders to rise by 0.2% last month. Stripping out the volatile transportation sector, orders fell by a smaller 0.2%, the Commerce Department said Tuesday. Orders for core capital goods - a measure of business investment - dropped 1.7% in the biggest decline since January. Shipments of core capital goods, a category used to calculate quarterly economic growth, dipped 0.2% in September. Durable-goods orders for August were little changed at a 18.4% decline. The sharp drop in August stemmed mainly from fewer aircraft orders, an up-and-down category that often exaggerates changes in the durables report. A surge in aircraft contracts in July, on the other hand, boosted orders to the highest level ever.
Copyright © 2014 MarketWatch, Inc.