(RTTNews) - A report released by the Commerce Department on Thursday showed a steep drop in orders for transportation equipment contributed to a bigger than expected decrease in U.S. durable goods orders in the month of September.
The Commerce Department said durable goods orders tumbled by 1.1 percent in September after rising by a revised 0.3 percent in August.
Economists had expected durable goods orders to decline by 0.8 percent compared to the 0.2 percent uptick that had been reported for the previous month.
Excluding the nosedive in orders for transportation equipment, durable goods orders dipped by 0.3 percent in September after climbing by 0.3 percent in August. Ex-transportation orders had expected to edge down by 0.2 percent.