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U.S. durable goods orders sink 4.3% in December, core orders down 1.6%

Published 01/28/2014, 08:34 AM
U.S. durable goods orders sink 4.3% in December
EUR/USD
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Investing.com - U.S. durable goods orders fell sharply in December, while core orders also declined, dampening optimism over the strength of the economy, official data showed on Tuesday.

In a report, the U.S. Commerce Department said that total durable goods orders, which include transportation items, tumbled by a seasonally adjusted 4.3% last month, disappointing expectations for a 1.8% gain. Orders for durable goods in November were revised to a 2.6% increase from a previously reported gain of 3.4%.

Durable goods are typically bulky or heavy products designed to last at three years, such as trains, computers or furniture.

Core durable goods orders, excluding volatile transportation items, declined by a seasonally adjusted 1.6% in December, compared to forecasts for a 0.5% increase. Core durable goods orders in November were revised to a 0.1% gain from a previously reported rise of 1.2%.

Orders for core capital goods, a key barometer of private-sector business investment, fell 1.3% last month, confounding expectations for a 0.5% gain and after rising 2.6% in November.

Shipments of core capital goods, a category used to calculate quarterly economic growth, dipped 0.2% in December, disappointing expectations for a 0.1% gain, after rising 2.3% in the preceding month.

Following the release of the data, the U.S. dollar trimmed gains against the euro, with EUR/USD dipping 0.08% to trade at 1.3664, compared to 1.3643 ahead of the data.

Meanwhile, U.S. stock index futures pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a gain of 0.2%, S&P 500 futures indicated a rise of 0.1%, while the Nasdaq 100 futures signaled a decline of 0.6%.

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