Companies pulled back on orders for long-lasting goods for the second month straight in August, a sign of weakening demand as the U.S. economy loses momentum amid high inflation and rising interest rates.
New orders for durable goods—products meant to last at least three years—declined by 0.2% to a seasonally adjusted $272.7 billion in August compared with the prior month, the Commerce Department said Tuesday. Excluding defense, new orders were down 0.9%. Orders fell a revised 0.1% in July.
