Machinery orders fall 4.2 percent
Lower orders for machinery and defense related products helped lead to a 0.9 percent drop in durable goods in February, the biggest decrease in four months, the U.S. Commerce Department said today.
Machinery orders fell 4.2% to $26.6 billion. Orders for major defense items dropped 24.8% to $8.3 billion.
January durable goods orders were revised up to a 3.6% increase. The government originally reported that total orders rose 3.2% in January.
Inventories of durable goods climbed 0.9% last month, the 14th consecutive increase.