Durable goods orders in US down in February

The size of durable goods orders in the US fell by 1.4% in February, a steeper decline than expected, the US Department of Commerce said on Tuesday.

According to the data, the value of durable goods orders went down to $315.5 billion while market expectation was at a decline of 1.1%.

The value of durable goods orders had also decreased by 0.5% in January.

Orders excluding transportation rose by 0.8% in February, while orders excluding defense fell by 1.2%.

The data for durable consumer goods is a significant indicator to provide insight into industrial production.