Orders for U.S. Business Equipment Drop by Most in 10 Months

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

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