Rosy data suggest pickup in US growth
Print Edition
ORDERS for long-lasting US manufactured goods rose more than expected in March and a measure of business capital spending plans surged, bolstering views of an acceleration in growth in the second quarter.
The Commerce Department said yesterday that durable goods orders increased 2.6 percent as demand rose across all categories. Durable goods, which range from toasters to aircraft and are meant to last three years and more, increased 2.1 percent in February.
Economists polled by Reuters had forecast orders rising 2 percent last month.
The report fit in with data such as industrial output, retail sales and employment, that have suggested the economy improved after a troubled first quarter.
Growth in the first three months of this year is forecast to have braked sharply, because of a cold winter and an inventory overhang from last year that forced businesses to place fewer orders for goods with manufacturers.
The end of long-term jobless benefits and cuts to food stamps have also robbed the economy of momentum.
The durable goods report showed non-defense capital goods orders excluding aircraft, rose 2.2 percent in March after falling 1.1 percent the prior month.
Core capital goods shipments rose 1 percent last month. Shipments of core capital goods are used to calculate equipment spending in the government’s GDP measurement. They had increased 0.7 percent in February.
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