New orders for U.S. manufactured durable goods showed a substantial decrease in the month of December, according to a report released by the Commerce Department on Tuesday, with the drop partly due to a sharp decline in orders for transportation equipment.
The report said durable goods orders tumbled by 3.4 percent in December following a revised 2.1 percent decrease in November.
Economists had expected durable goods orders to increase by 0.5 percent compared to the 0.7 percent drop originally reported for the previous month.
Excluding orders for transportation equipment, orders fell by a more modest 0.8 percent in December compared to a 1.3 percent decrease in November.
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