US durable goods orders report shows broad based slowdown in February

The Commerce Department data released today show corporate spending as represented by durable goods orders dipped in February, indicating the manufacturing sector may not have bottomed out as thought after upbeat January figures.

The headline number dropped 2.8% following a downwardly revised 4.2% rise seen in January.

Non-defense capital goods orders except aircraft, a proxy for future business investment, declined 1.8%, compared to the estimated drop of 0.5%. Again, January figure was revised lower to 3.1% from 3.4%.

Shipments of those goods, used in calculating gross domestic product, unexpectedly declined 1.1% after a revised 1.3% drop the previous month.