WASHINGTON, April 25 (UPI) -- U.S. durable goods orders dropped 4.1 percent in March, falling farther than the consensus forecast, the Commerce Department said Wednesday.
New orders dropped, while February's estimate of 2.2 percent growth was revised to a 1.9 percent increase.
In March, new orders rose by $8.8 billion to $202.6 billion.
Transportation orders in March had the largest decrease, falling by $7.1 billion or 12.5 percent to $49.7 billion.
Excluding transportation, orders were down 1.1 percent, which shows the volatile category of transportation dragged down the rest of the manufacturing sector.
Orders for commercial airplane parts, down $7.7 billion, provided the bulk of the decline in the transportation sector.
Orders for new capital goods not related to defense fell by $8.6 billion or 10.5 percent to $73 billion, while inventories of durable goods, up 27 consecutive months, rose by 0.4 percent to $375.1 billion.
Although orders were down, shipments rose by $2 billion or 1 percent to $208.8 billion.
|Additional Business News Stories|
ALGIERS, Algeria, May 24 (UPI) --Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
ARLINGTON, Va., May 24 (UPI) --BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.