Durable Orders Drop 4% in January

Durable goods orders fell 4% in January, the biggest drop in three years, the Commerce Department said Tuesday.

The increase followed a revised 3.2% gain in December that was larger than previously reported, Commerce said.

Economists had expected a 1% decline in January, Bloomberg reported.

Excluding volatile transportation orders, bookings for goods meant to last several years dropped 3.2%, Commerce said.

Durable goods include large items like refrigerators and air conditioners. Trucking is a major beneficiary of durable goods manufacturing, hauling both components and finished goods.