DURABLE GOODS ORDERS TUMBLE

The February report on US durable goods orders was not good.

Orders unexpectedly fell by 1.4% during the month. Economists were expecting a 0.2% increase.

Nondefense capital goods orders excluding aircraft, or core capex, also fell by 1.4%.

Core capex is an indicator of business investment, so this unexpected drop is a worrisome sign.

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