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Financial News: U.S. Durable Goods Orders Climb 0.9% Amid Jump

U.S. Durable Goods Orders Climb 0.9% Amid Jump In Orders For Transportation Equipment

12/23/2020 - 09:37:00 (RTTNews)

(RTTNews) - Partly reflecting a jump in orders for transportation equipment, the Commerce Department released a report on Wednesday showing new orders for U.S. manufactured durable goods increased by more than expected in the month of November.

The Commerce Department said durable goods orders climbed by 0.9 percent in November after spiking by an upwardly revised 1.8 percent in October.

Economists had expected durable goods orders to rise by 0.6 percent compared to the 1.3 percent jump that had been reported for the previous month.

The bigger than expected increase in durable goods orders was partly due to continued growth in orders for transportation equipment, which surged up by 1.9 percent in November after shooting up by 1.5 percent in October.

Orders for defense aircraft and parts helped lead the leader higher, soaring by 15.7 percent in November after skyrocketing by 71.3 percent in October.

Excluding the jump in orders for transportation equipment, durable goods orders rose by 0.4 percent in November after surging up by 1.9 percent in October. Ex-transportation orders had been expected to increase by 0.5 percent.

Significant increases in orders for computers and related products and communications equipment were partly offset by a drop in orders for fabricated metal products.

The report said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, rose by 0.4 percent in November after jumping by 1.6 percent in October.

"Core orders notched another gain last month, but signal moderating business investment growth," said Oren Klachkin, Lead U.S. Economist at Oxford Economics.

He added, "Factory output will stay well-supported in the new year, but the recovery's dynamics will favor a pickup in services activity at the expense of goods."

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