Durable Goods Orders Drop More-than-Expected
Durable Goods Orders Drop More-than-Expected
The U.S. Commerce Department reported Wednesday that orders for products made to last more than three years fell more than analysts were expecting last month, as disruptions in supply chains for auto parts and a decline in demand for aircraft impacted bookings. The 3.6 percent drop reported by the agency is the biggest since October and comes on the heels of a 4.4 percent surge in orders the month before. Analysts taking part in a recent Bloomberg News survey had projected orders would fall 2.5 percent, on average.
A significant portion of the decline in orders was driven by slumping demand for aircraft. The nation's automakers were forced to slow production, as well, as Japanese factories that make many of the parts they need continued to recover from the devastating earthquake and tsunami that rocked the island nation on March 11th.
Orders excluding transportation, which can be particularly volatile and fluctuate wildly from month to month, declined 1.5 percent in April after rising 2.5 percent in March. The analysts in the Bloomberg survey projected a 0.5 percent increase last month.
The U.S. Commerce Department reported Wednesday that orders for products made to last more than three years fell more than analysts were expecting last month, as disruptions in supply chains for auto parts and a decline in demand for aircraft impacted bookings. The 3.6 percent drop reported by the agency is the biggest since October and comes on the heels of a 4.4 percent surge in orders the month before. Analysts taking part in a recent Bloomberg News survey had projected orders would fall 2.5 percent, on average.
A significant portion of the decline in orders was driven by slumping demand for aircraft. The nation's automakers were forced to slow production, as well, as Japanese factories that make many of the parts they need continued to recover from the devastating earthquake and tsunami that rocked the island nation on March 11th.
Orders excluding transportation, which can be particularly volatile and fluctuate wildly from month to month, declined 1.5 percent in April after rising 2.5 percent in March. The analysts in the Bloomberg survey projected a 0.5 percent increase last month.
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