Durable goods orders in US surge by 0.7 percent last month
Date
5/26/2024 8:10:39 AM
(MENAFN) According to a report released on Friday by the Commerce Department’s Census Bureau, durable goods orders in the United States experienced a notable increase in April, marking the third consecutive month of growth. The report revealed that new orders for manufactured durable goods surged by USD1.9 billion, reaching a total of USD284.1 billion.
This rise defied expectations, as economists had projected a monthly decline of 0.9 percent following a previous increase of 0.8 percent in March, when orders stood at USD282.2 billion. Notably, the growth in durable goods orders has been consistent over the past few months, indicating sustained momentum in the manufacturing sector.
The Census Bureau highlighted that excluding transportation, new orders still saw a significant climb of 0.4 percent. Moreover, even when defense-related orders were excluded from the analysis, new orders remained stable.
A key driver of the overall increase in durable goods orders was the transportation sector, which has also witnessed growth for three consecutive months. Transportation equipment, in particular, experienced a substantial uptick, with orders rising by USD1.1 billion or 1.2 percent to reach USD96.2 billion. This indicates robust demand for vehicles and other transportation-related goods, further contributing to the overall positive trend in durable goods orders.
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