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02-29-2012 08:10 AM  9 years ago
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dilberteinstein

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Durable goods orders drop by most in 3 years
WASHINGTON — New orders for U.S. manufactured goods fell in January by the most in three years as demand fell across the board from machinery to aircraft, suggesting the economy started the year on weaker footing than expected.

Durable goods orders dropped 4.0 percent, the biggest drop since January 2009 when the country was still mired in a deep recession, according to Commerce Department data on Tuesday.

We are seeing a slowdown in domestic demand for equipment and also slower overseas demand," said Christopher Low, chief economist for FTN Financial.

"Also significant is the tax break on capital investment in 2011 is no longer there in 2012," Low said.

Economists had forecast orders falling 1.0 percent.

http://www.msnbc.msn.com/id/4655468...ks_and_economy/
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