One reason for the decline is that companies stockpiled goods in March trying to get ahead of tariffs, and are now pulling back. But it also could signal tough times ahead for the U.S. economy.

Orders rose in January. Are businesses feeling good about the economy or ordering ahead of promised tariffs?

Economic growth came in pretty strong for the fourth quarter. GDP rose at an annual rate of 2.3%. And consumer spending rose 4.2%.

But take out the transportation sector — which has been throttled by the aviation giant’s troubles — and orders rose 0.4% last month.

The measure, which also increased year over year, tracks big, one-off purchases like machinery for manufacturing.

Consumers replacing devices bought early in the pandemic and enthusiasm for AI capabilities partly account for the healthy figures.

“It’s by no means anywhere near as awful as the headline number makes it look,” one analyst says.

Some are doing well enough that they don’t need to borrow in order to expand and improve.

Businesses don’t buy ’em unless they think they need ’em.

Their volatility can overshadow broader trends. But those orders are just the start of a long, expansive manufacturing supply chain.