The U.S. Commerce Department reported on Monday that the value of new factory orders tumbled 10.3 percent m-o-m in March, following a revised 0.1 percent m-o-m drop in February (originally unchanged m-o-m). That was the biggest fall in new orders on record.

Economists had forecast a 9.8 percent m-o-m plunge.

According to the report, orders for transportation equipment led the March decrease, plummeting 41.3 percent m-o-m. Meanwhile, orders for computers and electronic products were unchanged m-o-m, and orders for machinery rose 0.5 percent.

Total factory orders excluding transportation, a volatile part of the overall reading, declined 3.7 percent m-o-m in March compared to a revised 1.1 percent m-o-m fall in February.

Overall, durable goods orders fell 14.7 percent m-o-m in March, while orders for nondurable goods dropped 5.8 percent m-o-m.