U.S. Durable Goods Orders Unexpectedly Slump 2.0% In November

Reflecting a steep drop in orders for transportation equipment, the Commerce Department released a report on Monday showing an unexpected slump in new orders for U.S. manufactured durable goods in the month of November.The report said durable goods orders plunged by 2.0 percent in November after edging up by a downwardly revised 0.2 percent in October.

The sharp decline came as a surprise to economists, who had expected durable goods orders to jump by 1.5 percent compared to the 0.5 percent increase that had been reported for the previous month.

Excluding the nosedive in orders for transportation equipment, durable goods orders came in unchanged in November after rising by 0.3 percent in October. Economists had expected ex-transportation orders to tick up by 0.2 percent.