India, May 27 -- 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.
Economists had expected durable goods orders to plunge by 7.9 percent compared to the 9.2 percent spike that had been reported for the previous month.
"Durable goods orders in April didn't decline as much as anticipated, but the underlying trend in equipment demand is weak amid policy uncertainty and a fading boost from tariff front-running in certain sectors," said Bernard Y...