Demand for Durable Goods Falls

Orders for big-ticket durable goods, hurt by a steep 24.5% decline in demand for defense equipment, fell 2.6% in August for the biggest setback in five months, the government said today.

The Commerce Department said orders for durable goods, items expected to last three or more years, totaled $103.4 billion in August, $2.8 billion less than in July. Orders had risen 3.4% in July and 0.1% in June. Even without the weakness in defense, orders would have declined 0.3%.