Representative Lee Terry (R-NE), the Chairman of the Commerce, Manufacturing and Trade Subcommittee made the following statement after the Department of Commerce released its monthly report showing durable goods orders dropped at an overall rate 5.2% in January:
"Today's news is indicative of what happens when there is a lack of leadership in Washington.
"Whether it's the President playing games with the sequester causing the Department of Defense to withhold on vital purchases for our men and women in uniform or his inability to nominate a Secretary of Commerce in the last eight months; we must have leadership from this President.
"We can only strengthen our nation of builders if we work together. That's why I'm focused on holding a series of hearings designed to promote American manufacturing and job creation across a wide variety of sectors that include the auto and steel industries. This includes focusing on manufacturers who create the goods we buy and the job-creating small businesses downstream that help feed our nation's manufacturers.
"At the end of the day this is about creating jobs and unleashing American ingenuity. We can start with common sense approaches like stopping the Presidents sequester by giving government agencies the flexibility to cut real waste and building the Keystone pipeline."
According to the USA Today:
Boeing reported orders for only two planes down from 183 in December.
Orders dropped for communications and computer equipment.
Orders for defense equipment fell by the most in more than 12 years.
Factory activity has cooled in recent months after helping to lift the economy from the 2007-09 recession. Sluggish demand, tighter fiscal policy and slowing global growth are holding back manufacturing."
"Over all orders for durable goods -- items from toasters to aircraft that are meant to last at least three years -- tumbled 5.2% as demand for civilian and defense aircraft feel sharply," according to Reuters.