US Durable Orders Worse Than Expected

The US Commerce Department today announced that new orders for durable goods suffered the worst decline in over half a year falling far below expectations. Orders dropped by 3.6 percent with reduced orders for aircraft and automobiles leading the losses.

“It’s another modestly disappointing data point in a long series of slightly disappointing data points that we’ve gotten in the last month,” said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon.

“(It’s) not indicative of an economic downturn, just kind of paints a picture that the economy is in a momentary lull.”

Source: Reuters

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