US durable goods orders slip back on weak car demand

Orders for big manufactured goods in the US drop down slightly in August after a sharp jump in the previous month, due in part to drop down in demand for cars.

Durable goods orders drop by 0.1% to $201.8bn, roughly in line with expectations, after a 4.1% rise in July, the Commerce Department said.

However, plane orders increased strongly for the second month in a row.

The figures come a day after weak housing and consumer confidence data reinforced concerns for the US economy.

On Tuesday, the closely-watched S&P Case Shiller index showed stagnant house prices in July, while the Conference Board's consumer confidence index for September indicated no recovery from August's weak level.