U.S. durable goods orders rose less than expected in November as stricter lending standards, large inventories and slowing sales caused some companies to cut spending on new equipment, Bloomberg reported.

The Commerce Department announced today that orders for durable goods rose 0.1 percent in November, the first gain in four months, but far below analysts’ median estimate of a 2 percent increase. However, analysts’ projections varied widely, ranging from a decline of 0.2 percent to a rise of 5 percent. Durable goods orders decreased 0.4 percent in October. Excluding orders for transportation equipment, which rose 1.9 percent on a 21 percent increase in commercial aircraft demand, durable goods orders fell 0.7 percent in November.

Demand for non-defense capital goods excluding aircraft, a sign of future business investment, fell 0.4 percent after a 2.9 percent decrease in October. Shipments of those items increased 0.2 percent.