Orders to U.S. companies for long-lasting manufactured goods fell for a second month in September, while a key category that signals business investment plans dropped by the biggest amount in eight months. The declines were likely a temporary soft patch for manufacturing that will be followed by a resumption of stronger growth.
The Commerce Department says orders for durable goods retreated 1.3 percent in September after a record 18.3 percent tumble in August. The August drop followed a record 22.5 percent increase in July. The wide swings in both months were driven by the volatile aircraft category, which saw orders soar in July only to plunge in August.
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A key category that serves as a proxy for business investment fell 1.7 percent in September, the biggest drop since January.