Durable goods orders drop by most in 3 years
&Mdash; Businesses slashed spending on machinery and equipment in January after a tax break expired, pushing orders for long-lasting manufacturing goods down by the largest amount in three years.Orders for durable goods fell 4 percent last month, the Commerce Department said Tuesday.
A big reason for the decline was that demand for so-called core capital goods, which are viewed as a good measure of business investment plans, tumbled 4.5 percent. That's the biggest drop in a year.
Demand for core capital goods hit an all-time high in December. Companies rushed to take advantage of a tax break that expired at the end of last year.
Durable goods are products expected to last at least three years. They range from appliances to cars to heavy machinery to planes. Orders tend to fluctuate sharply from one month to the next. But the overall trend in orders has increased since the recession ended nearly three years ago.
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