Orders for U.S. manufactured durable goods declined for the third consecutive month in March, the longest string of decreases since the 2001 recession, the Commerce Department reported Thursday.
Data released by the department showed that orders for durable goods, or big-ticket items expected to last at least three years, dropped 0.3 percent last month, following bigger declines of 0.9 percent in February and 4.4 percent in January.
The durable goods orders last fell for three straight months from February to April in 2001, when the country was sliding into recession.
Demand for transportation equipment, which accounts for more than one quarter of total durable goods orders, decreased by 4.6 percent in March after a rise of 2.1 percent in the previous month.
Orders for commercial aircraft rose by 5.5 percent last month and demand for defense aircraft surged by 29.4 percent. Demand for autos and parts, however, fell 4.6 percent.
Excluding volatile transportation demand, orders for durable goods gained 1.5 percent, rebounding from a 2.1 percent drop in February.
Demand for non-defense capital goods excluding aircraft, a closely watched guide to business investment plans, was flat last month after a big 2 percent drop in February.
The weakness in durable goods orders is a reflection of the overall economy which is in danger of sliding into a recession due to a severe housing slump and a persisting credit crunch, according to analysts.
Source:Xinhua
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