American workers at a manufacturing plant for long-lasting durable goods. (PHOTO: REUTERS)
The Commerce Department reported Wednesday that durable goods orders tanked 4% in June from the prior month, widely missing the median forecast. Economists estimated durable goods would fall by a much less 1.1%.
Excluding the volatile transportation component and durable goods orders fell 0.5%. The estimate was for that part to increase by 0.3%
