US durable goods orders fell 1.6% in February, vs 1.8% drop expected
The Commerce Department said on Tuesday orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, slipped 0.1 percent, pulled down by declining demand for machinery and computers and electronic products.
Shipments of core capital goods were unchanged in February after an upwardly revised 1.0 percent rise in the prior month. Core capital goods shipments are used to calculate equipment spending in the government's gross domestic product measurement. Growth estimates for the first-quarter range from as low as a 1.2 percent annualized rate to as high as a 2.1 percent pace. The economy grew at a 2.2 percent pace in the fourth quarter, with growth in business spending on equipment accelerating.
Orders for computers and electronic products fell 0.3 percent. Orders for electrical equipment, appliances and components rose 1.0 percent in February after increasing 1.3 percent in the prior month
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