New economic figures from the US Commerce Department provide little cheer.
Orders for durable goods – those designed to last upward of three years – fell 1.2% in February, wiping out most of the previous month’s 1.9% gain.
The report also found that orders for durable goods excluding military items and aircraft (an estimate of business investment) dropped 2.8%, falling back from January’s 4.3% rise. Particularly hard hit were computing products, orders for which slumped 12.3%.
In addition, the Commerce Department revealed that sales of new homes tumbled 8.1% in February to an annualised rate of 854,000. However, the rate of decline slowed from the 12.6% drop the month before.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff