WASHINGTON (AP) — U.S. orders for big-ticket factory goods plunged for the second straight month in April as the coronavirus…
WASHINGTON (AP) — U.S. orders for big-ticket factory goods plunged for the second straight month in April as the coronavirus pandemic hammered the economy.
The Commerce Department said Thursday that orders for durable goods dropped 17.2% last month after falling 16.6% in March. Excluding orders for transportation equipment, which can be volatile from month to month, durable goods orders fell 7.4%.
New orders for cars, trucks and auto parts shrank 52.8%.
A category that tracks business investment — orders for nondefense capital goods excluding aircraft — decreased 5.8% after falling 1.1% in March.
The lockdowns, travel restrictions and social distancing measures meant to contain COVID-19 have brought economic activity to a near standstill across the United States.
Still, last month’s decline in durable goods orders was slightly less than economists had expected.
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