(Reuters) – Demand for long-lasting manufactured goods was the weakest in three years in March and a gauge of business spending plans fell, suggesting the economy lost momentum as the first quarter drew to a close.

Durable goods orders dropped 4.2 percent, the largest decline since January 2009, the Commerce Department said on Wednesday after a downwardly revised 1.9 percent increase in February.

Economists had forecast orders for durable goods, which range from toasters to aircraft, falling 1.7 percent after a previously reported 2.4 percent rise in February.

“This adds to the evidence that momentum in the economy sort of fell flat in March,” said Ellen Zentner, a senior economist at Nomura Securities in New York.  Read more