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U.S. Durable Goods Orders Unexpectedly Slump 1.1% In February

New orders for U.S. manufactured durable goods unexpectedly decreased in the month of February, the Commerce Department revealed in a report released on Wednesday.

The Commerce Department said durable goods orders slumped by 1.1 percent in February after spiking by an upwardly revised 3.5 percent in January.

The pullback came as a surprise to economists, who had expected durable goods orders to climb by 0.8 percent compared to the 3.4 percent jump that had been reported for the previous month.

Excluding a steep drop in orders for transportation equipment, durable goods orders still fell by 0.9 percent in February after surging up by 1.6 percent in January. Economists had expected a 0.6 percent increase.

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