US durable goods orders plunge in December

New orders for long-lasting US manufactured goods tumbled in December as lower oil prices and softer global demand put more pressure on factories, the latest sign that economic growth weakened significantly at the end of 2015. 

PHOTO: AFP

JAN 28, 20169:46 PM

[WASHINGTON] New orders for long-lasting US manufactured goods tumbled in December as lower oil prices and softer global demand put more pressure on factories, the latest sign that economic growth weakened significantly at the end of 2015.

The Commerce Department said on Thursday that durable goods orders declined 5.1 per cent last month, likely also weighed down by a strong dollar, after slipping 0.5 per cent in November.

Economists polled by Reuters had forecast durable goods orders, which cover goods meant to last three years or more ranging from toasters to aircraft, falling 0.6 per cent last month.

REUTERS