American workers at a manufacturing plant for long-lasting durable goods. (PHOTO: REUTERS)
New durable goods orders, or long-lasting U.S. manufactured goods, plummeted in December, yet another sign fourth quarter growth declined sharply. The Commerce Department reported on Thursday that durable goods orders fell by 5.1% last month, fueled partly by lower oil prices and weak global demand.
The data widely missed expectations, as economists polled by Reuters had forecast a much softer fall by 0.6%. Durable goods are manufacturing products meant to last three years or more ranging from toasters to aircraft.
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