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Financial News: U.S. Durable Goods Orders Climb 1.7% Amid Jump

U.S. Durable Goods Orders Climb 1.7% Amid Jump In Aircraft Demand

03/24/2017 - 09:09:00 (RTTNews)

(RTTNews) - Reflecting a continued increase in demand for commercial aircraft and parts, the Commerce Department released a report on Friday showing that new orders for U.S. manufactured durable goods shot up by more than anticipated in the month of February.

The report said durable goods orders jumped by 1.7 percent in February after surging up by a revised 2.3 percent in January.

Economists had expected orders to climb by 1.2 percent compared to the 2.0 percent spike that had been reported for the previous month.

The bigger than expected increase in durable goods orders came as orders for transportation equipment shot up by 4.3 percent in February after jumping by 7.0 percent in January.

Orders for non-defense aircraft and parts led the way higher, soaring by 47.6 percent in February after surging up by 83.3 percent in January.

Excluding orders for transportation equipment, durable goods orders rose by 0.4 percent in February after edging up by 0.2 percent in January. The increase fell short of estimates for 0.6 percent growth.

Notable increases in orders for primary metals and electrical equipment, appliances, and components were partly offset by decreases in orders for fabricated metal products and computers and electronic products.

The report also said orders for non-defense capital goods excluding aircraft, a closely watched indicator of business spending, edged down by 0.1 percent in February after inching up by 0.1 percent in January.

Shipments in the same category, which are used to calculate GDP, climbed by 1.0 percent in February after dipping by 0.3 percent in the previous month.

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