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August Durable Goods Orders Drop Unexpectedly

New orders for durable goods made in U.S. factories dropped in August by $4 billion or 2.4 percent, according to the U.S. Department of Commerce. It is the second decline in orders in three months. The Associated Press (AP) reports that industry experts expected an increase of 0.5 percent. The decrease for August is blamed on a drop in demand for commercial aircraft; orders for transportation products dropped 9.3 percent, with orders for commercial aircraft and parts falling 42.2 percent. Excluding aircraft and other transportation goods, the orders were flat for the month. In other sectors, automobiles and parts increased 0.4 percent, mostly due to the increase in demand from the government's Cash for Clunkers program; computers and electronic products dropped 0.7 percent; electrical equipment and appliances fell 0.5 percent; non-defense capital goods excluding aircraft dropped 0.5 percent. Durable goods are manufactured products expected to last three or more years.

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