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Financial News: U.S. Durable Goods Orders Pull Back 0.7% In

U.S. Durable Goods Orders Pull Back 0.7% In April

05/26/2017 - 09:11:00 (RTTNews)

(RTTNews) - New orders for U.S. manufactured durable goods pulled back by less than expected in the month of April, according to a report released by the Commerce Department on Friday.

The report said durable goods orders slid by 0.7 percent in April after jumping by an upwardly revised 2.3 percent in March. Economists had expected orders to slump by 1.4 percent.

The drop in durable goods orders was partly due to a significant pullback in orders for transportation equipment, which fell by 1.2 percent in April after surging up by 5.3 percent in March.

Orders for non-defense aircraft and parts plunged by 9.2 percent in April following a 15.4 percent spike in the previous month.

Excluding the decrease in orders for transportation equipment, durable goods orders still fell by 0.4 percent in April after climbing by 0.8 percent in March. Ex-transportation orders were expected to rise by 0.4 percent.

Notable decreases in orders for electrical equipment, appliances, and components, fabricated metals, and machinery more than offset a jump in orders for computers and electronic products.

Meanwhile, the report said orders for non-defense capital goods excluding aircraft, a closely watched indicator of business spending, came in unchanged for the second consecutive month.

Shipments in the same category, which are used to calculate GDP, edged down by 0.1 percent in April after inching up by 0.2 percent in March.

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