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Commerce Department Report on Durable Goods Raises Concerns about Economy.
Knight Ridder/Tribune Business News, October, 2002
By Robert Manor, Chicago Tribune Knight Ridder/Tribune Business News
Oct. 26--Big-ticket orders for durable goods plunged last month, surprising economists with the depth of the drop and raising new concerns about the economy's health.
"The trend is pointing toward weakness," said Sherry Cooper, chief economist for BMO Nesbitt Burns.
The Commerce Department on Friday said that orders to U.S. factories for durable goods fell 5.9 percent in September, the biggest decrease in 10 months. Makers of communication equipment were hit hardest, but declines were felt across most industries.
Durable goods are the universe of manufactured items expected to last for three or more years, and their sales are a barometer of overall economic...
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