New orders for US goods fall
Source: Agencies |
March 25, 2011, Friday
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Print Edition
Print Edition
NEW orders for long-lasting United States manufactured goods fell in February, hinting at some unexpected softness in manufacturing activity and business investment plans.
But other data yesterday showed the improvement in the labor market was becoming sustained, with new claims for jobless benefits falling last week and the four-week moving average dropping to it lowest level in more than two and a half years.
The US Commerce Department said durable goods orders fell 0.9 percent after a 3.6 percent rise in January. Economists polled by Reuters had expected a 1.1 percent gain. Excluding transport, orders fell 0.6 percent after dropping 3.0 percent in January.
"Durables were extremely disappointing ... it is not a very good sign for what is happening in the first quarter," said Rudy Narvas, a senior economist at Societe Generale in New York.
The durable goods report conflicted with other data on manufacturing, which have underscored the strength in factory activity.
A second report from the Labor Department showed initial claims for state unemployment benefits slipped 5,000 to a seasonally adjusted 382,000, a touch below economists' hopes for a fall to 383,000.
The four-week moving average of jobless claims - a better measure of underlying trends - fell 1,500 to 385,250, the lowest since mid-July 2008.
But other data yesterday showed the improvement in the labor market was becoming sustained, with new claims for jobless benefits falling last week and the four-week moving average dropping to it lowest level in more than two and a half years.
The US Commerce Department said durable goods orders fell 0.9 percent after a 3.6 percent rise in January. Economists polled by Reuters had expected a 1.1 percent gain. Excluding transport, orders fell 0.6 percent after dropping 3.0 percent in January.
"Durables were extremely disappointing ... it is not a very good sign for what is happening in the first quarter," said Rudy Narvas, a senior economist at Societe Generale in New York.
The durable goods report conflicted with other data on manufacturing, which have underscored the strength in factory activity.
A second report from the Labor Department showed initial claims for state unemployment benefits slipped 5,000 to a seasonally adjusted 382,000, a touch below economists' hopes for a fall to 383,000.
The four-week moving average of jobless claims - a better measure of underlying trends - fell 1,500 to 385,250, the lowest since mid-July 2008.
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