US durable goods orders rose unexpectedly in December, bolstered by aircraft orders despite other categories in the report showing continued signs of weakness in the manufacturing industry.
Earlier this morning, the Commerce Department reported that December durable goods orders rose 2.2 per cent, marking the fourth rise during the last five months. Wall Street economists had forecast a 1.7 per cent drop in orders.
The rise in durable orders in December was led by transportation, primarily new orders for aircraft. Nevertheless manufacturing is the most depressed sector of the economy at present.
Excluding the transportation sector, durable goods orders fell 1.4 per cent in December after a 0.3 per cent rise in the previous month.
READ MORE
Reuters