Durable Goods Orders for April Slide 3.6%
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Orders of durable goods (those which offer utility over longer periods of time, generally three years or more) within the US fell 3.6 percent during April, the Commerce Department said in a report Wednesday.
Economists had been expecting durable goods orders for the month to decline 2.5 percent.
Weakness is being attributed to disruptions in the supply of auto parts related to the disasters in Japan in March, as well as falling demand for aircraft.
Durable goods orders tumbled sharply after rising 4.4 percent in March.
Excluding the sale of items classified as transportation, often a volatile segment of the market, durable goods fell 1.5 percent, also worse than the up 0.5 percent reading economists were expecting.
Stocks are trading modestly higher Wednesday: just after noon, the Dow Jones is up 37 points, the Nasdaq is up 15 and the S&P 500 is up 4.
Economists had been expecting durable goods orders for the month to decline 2.5 percent.
Weakness is being attributed to disruptions in the supply of auto parts related to the disasters in Japan in March, as well as falling demand for aircraft.
Durable goods orders tumbled sharply after rising 4.4 percent in March.
Excluding the sale of items classified as transportation, often a volatile segment of the market, durable goods fell 1.5 percent, also worse than the up 0.5 percent reading economists were expecting.
Stocks are trading modestly higher Wednesday: just after noon, the Dow Jones is up 37 points, the Nasdaq is up 15 and the S&P 500 is up 4.
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