US Durable Goods Orders Surge 2.9 Percent in August

(MENAFN) New orders for durable goods in the US increased by 2.9% in August compared to the previous month, bouncing back after prior decreases, according to statistics published Thursday by the Census Bureau.

The value of new orders for manufactured durable goods, which tracks the variation in the worth of fresh purchase orders made to manufacturers, rose by $8.9 billion, reaching $312.1 billion.

This was the first monthly increase in new orders in a span of three months.

The result came after an upwardly adjusted 2.7% decline in July and surpassed market expectations of a 0.3% drop for August.

"Transportation equipment, also up following two consecutive monthly decreases, led the increase, $8.1 billion or 7.9% to $110.2 billion," the bureau stated.

There were also notable jumps in orders for defense aircraft and components (50.1%) and nondefense aircraft and parts (21.6%) in August.

When excluding defense-related orders, new orders grew by 1.9% month-over-month in August.

Additionally, excluding transportation, new orders increased by 0.4% on a monthly basis.

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