Mumbai, May 28 -- With orders for transportation equipment pulling back sharply, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of April.
The Commerce Department said durable goods orders tumbled by 6.3 percent in April after surging by a downwardly revised 7.6 percent in March.
The sharp pullback by durable goods orders came as orders for transportation equipment nosedived by 17.1 percent in April after soaring by 23.5 percent in March.
Orders for non-defense aircraft and parts led the way lower, plummeting by 51.5 percent in April after skyrocketing by 158.5 percent in March.
Excluding the steep drop by orders for transportation equipment, durabl...