(RTTNews) - Largely reflecting a steep drop in aircraft orders, the Commerce Department released a report on Tuesday showing new orders for U.S. manufactured durable goods slumped by much more than expected in the month of February.
The Commerce Department said durable goods orders tumbled by 1.4 percent in February after falling by a revised 0.5 percent in January.
Economists had expected durable goods orders to decrease by 0.5 percent compared to the unchanged reading that had been reported for the previous month.
Excluding a steep drop in orders for transportation equipment, durable goods orders climbed by 0.8 percent in February after rising by 0.3 percent in January. Ex-transportation orders were expected to increase by 0.5 percent.
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