New orders for manufactured durable goods declined more than expected in February as declining business investment, a winter spending chill, and a labor dispute impacting west coast ports all slowed business activity.
The Commerce Department (U.S. Census Bureau) reported this morning that new orders for manufactured durable goods decreased 3.2 billion or 1.4 percent to $231.3 billion, well below the +1.0 percent increase that was forecast from briefing.com and +0.4 by Factset.
Durable goods orders have declined three of the past four months.
The weaker than expected decline in February follows a revised +2.0 increase for January.
Excluding transportation, new orders in February decreased 0.4 percent.
Excluding defense, new orders decreased 1 percent.
Spending on transportation equipment, which also declined three of the past four months, led the decrease by 3.5 percent.