Durable goods orders down 4.2 percent in March
Orders for U.S. durable goods fell in March by the most in three years, indicating manufacturing will contribute less to growth this year, Bloomberg reported. Bookings for goods meant to last at least three years dropped 4.2 percent, the biggest decrease since January 2009, after a revised 1.9 percent gain the prior month, according to data released today by the Commerce Department. Economists forecast a 1.7 percent decline, according to the median estimate in a Bloomberg News survey. Slowdowns in Europe and China may limit exports, while business investment cools after the strongest 10-quarter performance in a decade, leading to a slowdown in manufacturing.