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Orders for Durable Goods Drop 4%, Most in Three Years

Financial News Network
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February 29, 2012 AT 7:04 AM
The Commerce Department reported orders for durable goods sharply fell 4%, a steeper-than-expected loss compared to economists' outlook of just a 1% drop.This is the biggest drop since January 2009 when the economy was in deep recession. Durable goods range from kitchen appliances to transportation vehicles such as cars and airplanes. Although orders for things such as machinery and non-defense capital goods added to the overall loss, motor vehicles was the only durable good segment that saw a gain, edging up 0.9%.This poor economic news brought the Dow down slightly at the bell but all markets have regained strength. The Dow Jones Industrial Average currently down only about a half a point.