Durable goods orders drop unexpectedly

Despite economist expectations that durable goods orders would bump up slightly in February, demand for big-ticket manufactured goods fell last month. The drop appears to signal that U.S. companies are still cautious about spending given weak global demand, according to Fox Business.

Orders for products such as lawn mowers and washing machines declined a seasonally adjusted 1.4 percent in February from a month earlier. Economists surveyed by the Wall Street Journal had projected a slight increase in durable-goods orders of 0.2 percent.

The bulk of February’s decline was due to a drop in transportation orders – particularly defense and civilian aircraft – though demand fell in other industries, as well.

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