Decent report here.
DATA SNAP: US Feb Durables Orders Climb 2.2%
Last update: 3/28/2012 8:30:00 AM
WASHINGTON (Dow Jones)--Orders for long-lasting goods climbed for the fourth time in five months in February, an indication that the manufacturing sector continues as a key driver of the recovery.
Manufacturers' orders for durable goods--products meant to last at least three years--rose by 2.2% to a seasonally adjusted $211.77 billion, the Commerce Department said Wednesday. Economists surveyed by Dow Jones had forecast a 3.0% rise.
The rise in new orders was broad based, with gains for the volatile commercial aircraft sector but also autos, computers and electronics, machinery, and metals. A 2.7% increase in new orders for computers and electronics was the biggest since December 2010.
Durable goods orders dipped in January by a revised 3.6%, compared with the previously reported 3.7% fall.
A key barometer of capital spending by businesses rose in February. Orders for non-defense capital goods excluding aircraft climbed by 1.2%, suggesting a degree of confidence in the recovery.
Orders in the transportation sector expanded 3.9% last month, after a 5.3% drop in January. Outside transportation, orders for other durables increased 1.6% in February, following a 3.0% fall the previous month.
Manufacturing has been a bright spot in the economy, with output and employment generally expanding since the middle of last year.
Still, there have been some concerns that the pace of expansion is slowing. The Federal Reserve earlier this month reported that manufacturing output was up 0.3% in February following a 1.1% jump in January.
Tuesday's report showed unfilled orders, a sign of future demand, rose 1.3% last month, after rising 0.7% in January. Unfilled orders are up 22 of the last 23 months.
Orders for defense capital goods surged by 12.4% last month. Excluding orders related to defense, durables orders climbed 1.7%.
Orders for all capital goods rose 2.3% last month.
Shipments of durable goods decreased by 0.4% in February. Inventories increased 0.4%.
The Commerce Department's durable goods orders report can be found at census.gov.
-By Jeffrey Sparshott and Eric Morath; Dow Jones Newswires; 202-862-9291; jeffrey.sparshott@dowjones.com
(END) Dow Jones Newswires
March 28, 2012 08:30 ET (12:30 GMT) |
