Dec business equipment orders drop most in 10 mths

Washington

ORDERS for business equipment fell in December by the most in 10 months, a sign that US companies were slashing capital investment even before the turmoil in global financial markets.

Bookings for non-military capital goods excluding aircraft plunged 4.3 per cent last month after a 1.1 per cent decrease in November that was previously reported as down 0.3 per cent, data from the Commerce Department showed on Thursday. Orders for all durable goods - items meant to last at least three years - slumped 5.1 per cent, the most since August 2014 and reflecting a broad-based pullback.