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.
Excluding a 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.
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