US durable goods crash

Falling beyond an expected 4.8 per cent decline, US durable goods orders have plunged by 5.2 per cent in January from a 4.6 per cent rise in December. Lower defence and aircraft numbers were responsible for the reduction. Defence capital spending fell by 69.5 per cent, the most since July 2000.

Durable goods ex-transport rose 1.9 per cent, showing just how significant the collapse in transport numbers was.