Durable goods orders plunge
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Manufacturing News, Source : TheManufacturer.com
Published : 27 Apr 2005 16:34
The commerce Department reports March durable goods orders were down an unexpected 2.8 percent, the biggest drop in 2 ½ years.
Following a decline of just 0.2 percent in February and 1.2 percent in January, forecasters had anticipated a decline of perhaps 0.2 percent, certainly not a 2.8 percent drop. The next highest setback was in September 2002 when durable goods orders sank by 6 percent.
Many are seeing this decline as the result of high energy prices and a general cutting back on spending by consumers. Three straight declines have not been seen since the months of July through September of 2001, a period of economic recession.
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