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U.S. Durable Goods Orders Show 17.2% Nosedive In April

ism manufacturing 113018 28may20 lt

New orders for U.S. manufactured durable goods showed a substantial decrease in the month of April, according to a report released by the Commerce Department on Thursday.

The report said durable goods orders plunged by 17.2 percent in April following a revised 16.6 percent nosedive in March.

Economists had expected durable goods orders to plummet by 19.0 percent compared to the 14.4 percent slump originally reported for the previous month.

The sharp decline in durable goods orders was partly due to a continued nosedive in orders for transportation equipment, which cratered by 47.3 percent in April after plunging by 43.1 percent in March.

Excluding the steep drop in orders for transportation equipment, durable goods orders tumbled by 7.4 percent in April after falling by 1.7 percent in March.

The report showed notable decreases in orders for primary metals, fabricated metal products, machinery and electrical equipment appliances and components.

Orders for non-defense capital goods excluding aircraft, which are seen as an indicator of business spending, also tumbled by 5.8 percent in April after slumping by 1.1 percent in March.

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