New orders for durable goods fell in February, according to a report released moments ago by the US Census Bureau. The decline dropped by $4.4 billion to $315.5 billion, marking the second consecutive month of decreases after a 0.5% drop in January. This was slightly below expectations of a 1.1% decline. Meanwhile, core orders, excluding transportation, rose by 0.8% in February, compared to a 3% increase in January (expectations were for 0.5%).

Specifically, new orders excluding defense rose by approximately 1.2%, with the transportation equipment sector being the primary driver of this decline. New orders for transportation equipment fell by 5.4% to $106.1 billion, totaling $6.1 billion.