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October 12, 2008 3:42:11 PM CDT

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Chill Spreads to Durable Goods

Posted Jun 27, 07 10:16 AM CDT in US,  Business 

(Newser) – Orders for durable goods nosedived in May, suggesting that sunny forecasts for business spending may be overly optimistic. The 2.8% drop, the first decline in 4 months, nearly tripled the predicted 1% dip, Bloomberg reports. Excluding the volatile transportation sectors, the figure was off 1%, Commerce Department stastics released today showed, against a projected .2% rise.

Demand for products designed to last longer than 3 years had risen 1.1% in April, the third straight month of gains and a sign of economic growth. Analysts didn't expect the manufacturing sector to maintain that pace, but the disparity raised concerns. Says one economist: "It's clear that businesses are being cautious in light of the softness in the economy."

Source Bloomberg

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Shoppers view clothes washers and dryers at a Best Buy store in West Hollywood, Calif., Friday, March 23, 2007. The government said Wednesday, March 28, 2007, durable goods orders rebounded last month,...   (Associated Press)
A Ford Sport Trac is shown in production on the line at the Ford Assembly Plant Monday, April 23, 2007 in Louisville, Ky. The Commerce Department is expected to report on durable goods orders for March...   (Associated Press)
ruary after falling sharply in January. (AP Photo/Reed Saxon)   (Associated Press)
A worker moves a new refrigerator into a new model home in the Stetson Ranch single home development by K Hovnanian Homes in Santa Clarita, Calif., Monday, March 26, 2007. The government said Wednesday,...   (Associated Press)
Shopper Eye Appliances At Sears   (Getty Images)
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US economy  • business  • consumer  • economic growth  • durable goods


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