Durable goods orders jump much higher than expected
Orders for big-ticket items rose 1.6% in January
U.S. durable goods orders rose well beyond what analysts expected month-over-month in January, marking the fourth straight month of increases for orders of big-ticket items as supply chain troubles ease.
The U.S. Census Bureau's latest data released Friday showed new orders for manufactured durable goods jumped $4.3 billion, or 1.6%, to $277.5 billion, double the expectations of analysts surveyed by Refinitiv who anticipated a 0.8% rise.
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Excluding transportation, new orders were up 0.7%, beating analysts' estimates of 0.4%.
Revised numbers from December showed a 1.2% increase in durable goods orders for items like computers, washing machines, and other equipment expected to last more than three years, after last month's report showed a decrease of 0.7%.
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Friday's report indicated that a surge in transportation equipment, now up three months in a row, led the increase with a 3.4% surge of $2.9 billion, totaling $87.6 billion in January.
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Shipments of durable goods have risen eight of the last nine months, up 1.2% to $270.4 billion last month after a 1.3% increase in December. The increase in January was led by shipments of machinery, which have climbed 10 of the last 11 months.