American workers at a manufacturing plant for long-lasting durable goods. (PHOTO: REUTERS)
The Commerce Department reports durable goods orders fell 1.2% in September from the prior month, matching economists’ and Wall Street’s estimates. Excluding the transportation component, durable orders fell 0.4%, while the median forecast called for it to remain unchanged after a previously reported 0.8 percent drop in August.
The report is the latest indication that economic growth slowed sharply in the third quarter, and that the U.S. manufacturing sector is basically headed for life support. According to a Reuters survey of economists, gross domestic product likely expanded at a 1.6 percent annual rate in the third quarter, slowing from a brisk 3.9 percent pace in the second quarter. The government will publish its advance third-quarter GDP estimate on Thursday.
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