New orders for durable goods fell 5.3% for the month of January, after a downwardly revised 4.4% gain in December. Economists were expecting a 5.1% decline.
Although weakening demand was seen in almost every industry, much of the decline was due to a drop in the number in aircraft orders. Excluding the 13.4% drop in transportation orders, new orders fell 1.6%. Orders for motor vehicles, electronics, and machinery were also significantly weaker, with a 0.8%, 2.7%, and 1.5% decrease, respectively.
Shipments increased 1.8% in January, following two consecutive monthly decreases.
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