Financial News: U.S. Durable Goods Orders Spike In September As

U.S. Durable Goods Orders Spike In September As Aircraft Demand Soars

10/26/2023 - 10:19:00 (RTTNews)

(RTTNews) - With orders for transportation equipment soaring, the Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods spiked by much more than expected in the month of September.

The report said durable goods orders shot up by 4.7 percent in September following a revised 0.1 percent dip in August.

Economists had expected durable goods orders to jump by 1.5 percent compared to the 0.1 percent uptick that had been reported for the previous month.

The much bigger than expected increase came as orders for transportation equipment soared by 12.7 percent in September after slumping by 1.1 percent in August.

Orders for non-defense aircraft and parts led the way higher, skyrocketing by 92.5 percent in September after plummeting by 17.5 percent in August.

Excluding the surge in orders for transportation equipment, durable goods orders climbed by 0.5 percent in September, matching the increase in August. Ex-transportation orders were expected to rise by 0.2 percent.

The report showed notable increases in orders for computers and electronic products, fabricated metal products and electrical equipment, appliances and components.

The Commerce Department also said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, climbed by 0.6 percent in September after jumping by 1.1 percent in August.

Meanwhile, shipments in the same category, which is the source data for equipment investment in GDP, came in unchanged in September following a 0.8 percent advance in August.

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