Orders for American big-ticket goods dropped by 1.8% in January, but much of the decrease reflected declines in bookings for commercial and military airplanes.
The overall figure released by the Commerce Department on Thursday obscured gains in other areas of U.S. manufacturing.
The 1.8% decrease in orders for durable goods came after a revised 1.6% gain in December, better than previously estimated.
Although economists were forecasting a 1.4% rise for January, the decline appeared to overstate the weakness.
Excluding orders for transportation equipment, orders for durable goods increased by a solid 2% — the biggest rise since October.
Orders for primary metals, including steel, fabricated metal products, electrical equipment and appliances, and communications equipment, all posted sizable gains last month.
Orders for commercial and military aircraft plunged, swamping the gains reported for other big-ticket goods.
Orders for U.S. durable-goods slip in January
Drop in transportation orders obscures gains in other sectors
- By: IE Staff
- February 26, 2004 February 26, 2004
- 11:30