NEW YORK ( TheStreet) -- New orders for durable goods fell more than expected in April, adding to the mounting worries that the global industrial cycle might be slowing down.
Orders for goods that last more than three years dropped 3.6% in April, after rising 4.4% in March. Economists were expecting durable goods orders to fall by 2% in April after rising 4.1% in March, according to consensus estimates from Briefing.com.
Excluding the volatile transportation sector, durable goods orders still dropped by 1.5%, against a projected increase of 0.6%.
Orders for non-defense capital goods excluding aircraft, a key indicator of demand for industrial goods, dropped 2.6% after rising 5.4% in March.-- Written by Shanthi Bharatwaj in New York
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