A report released by the Commerce Department on Monday showed new orders for U.S. manufactured durable goods increased by much less than expected in the month of March.
The Commerce Department said durable goods orders rose by 0.5 percent in March after falling by a revised 0.9 percent in February.
Economists had expected durable goods orders to spike by 2.5 percent compared to the 1.2 percent slump that had been reported for the previous month.
The much weaker than expected durable goods orders growth was partly due to a continued decrease in orders for transportation equipment.
Excluding the drop in orders for transportation equipment, durable goods orders jumped by 1.6 percent in March after dipping by 0.3 percent in February. The increase matched economist estimates.