Durable goods orders tumble

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Wednesday, May 28, 2003 | 9:42 a.m.

WASHINGTON -- Orders placed with U.S. factories for durable goods fell in April by the most in seven months on fewer bookings for automobiles and business equipment, a government report showed today.

The 2.4 percent decrease to $168.9 billion in orders for items made to last at least three years followed an increase of 1.4 percent in March, the Commerce Department said. Excluding vehicles and other transportation equipment, bookings fell 1.2 percent, erasing March's 1.1 percent rise.

Manufacturers are waiting for stronger consumer and business spending before they expand production, economists said. General Motors Corp. and Ford Motor Co. said they planned to trim North American output this quarter because demand has slowed.