New orders for U.S. manufactured durable goods saw a substantial decrease in the month of January, according to a report released by the Commerce Department on Tuesday.
The Commerce Department said durable goods orders plunged by 6.1 percent in January after falling by a revised 0.3 percent in December.
Economists had expected durable goods orders to tumble by 4.5 percent compared to the unchanged reading that had been reported for the previous month.
Excluding a steep drop in orders for transportation equipment, durable goods orders dipped by 0.3 percent in January after edging down by 0.1 percent in December. Ex-transportation orders were expected to rise by 0.2 percent.
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