Despite initial jobless claims coming in higher than expected today, durable goods orders actually soared past expectations in January, growing 3% vs. an expected 1.5%.
New orders for manufactured durable goods in January increased $5.2 billion or 3.0 per cent to $175.7 billion, the U.S. Census Bureau announced today. This was the second consecutive monthly increase and followed a 1.9 per cent December increase. Excluding transportation, new orders decreased 0.6 per cent. Excluding defence, new orders increased 1.6 per cent. Transportation equipment, up four of the last five months, had the largest increase, $6.0 billion or 15.6 per cent to $44.8 billion. This was led by nondefense aircraft and parts, which increased $4.0 billion.
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