Plunge in Goods Orders May Restrain U.S. Expansion: Economy |
| Businessweek - Sep 27, 2012 |
Demand for U.S. durable goods other than transportation equipment unexpectedly dropped in August for a third consecutive month, signaling that slowdowns in business investment and exports will restrain the economic expansion.
Orders for goods meant to last at least three years, excluding volatile demand for airplanes and automobiles, fell 1.6 percent last month after decreasing 1.3 percent in July, the Commerce Department reported today in Washington. Total bookings plunged 13.2 percent, the most since January 2009, as demand for civilian aircraft collapsed.
“The corporate sector is getting very nervous from a combination of worries about Europe, worries about the fiscal cliff and a general lack of confidence in the recovery,” said Ethan Harris, co-head of global economics research at Bank of America Corp. in New York, whose estimate for the drop in ex- transportation orders was the closest of economists surveyed.
Read Full Article from Businessweek
- Posted: 2012-09-27 14:57:41
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