Durable Goods Orders Flat in January as Core Business Spending Measure Stalls

New orders for long-lasting U.S. manufactured goods were unchanged in January, a sign that factory demand remained sluggish at the start of the first quarter even as several industrial categories showed signs of strength.

The flat reading followed a 0.9 percent decline in December and pointed to continued slow growth in manufacturing at the start of the year.

The report’s weak point was business equipment demand. Orders for nondefense capital goods excluding aircraft—a closely watched proxy for business investment—were unchanged in January after rising 0.8 percent in December. Shipments in that category, which feed more directly into gross…

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