A big drop in business spending on machinery and equipment helped pushed orders for long-lasting manufacturing goods down in January by the largest amount in three years.

U.S. companies ordered more long-lasting goods last month, showing businesses are willing to buy equipment and machinery even after an investment tax credit was halved.

Asian stock markets declined Monday after U.S. hiring slowed in March, raising doubts about the durability of the recovery in the world's No. 1 economy.