Factory Orders Surge 3 Percent
Factory Orders Surge 3 Percent
Orders for goods from US factories surged in January, climbing 3.1 percent, the biggest such increase in the data since September 2006, fueled by an increase in aircraft orders. The Commerce Department released the data Friday, which showed a total of $445.6 billion in factory orders in the month. The gain followed an upwardly revised increase of 1.4 percent on orders in December.
The January surge easily surpassed estimates of economists in a recent Reuters poll, who had projected an average increase of 2 percent. Excluding the particularly volatile transportation sector, orders rose just 0.7 percent, the sixth month in a row with a gain in non-transportation orders, and again surpassing analysts' expectations of a 3.6 percent decline.
The historically volatile non-defense aircraft category skyrocketed by an impressive 5,137 percent in January to $7.4 billion from just $141 million in December. The massive gain helped to offset declines in other sectors, such as computers and electronics, where orders fell by 5.9 percent, and the machinery sector, where orders declined a staggering 12.6 percent.
Orders for goods from US factories surged in January, climbing 3.1 percent, the biggest such increase in the data since September 2006, fueled by an increase in aircraft orders. The Commerce Department released the data Friday, which showed a total of $445.6 billion in factory orders in the month. The gain followed an upwardly revised increase of 1.4 percent on orders in December.
The January surge easily surpassed estimates of economists in a recent Reuters poll, who had projected an average increase of 2 percent. Excluding the particularly volatile transportation sector, orders rose just 0.7 percent, the sixth month in a row with a gain in non-transportation orders, and again surpassing analysts' expectations of a 3.6 percent decline.
The historically volatile non-defense aircraft category skyrocketed by an impressive 5,137 percent in January to $7.4 billion from just $141 million in December. The massive gain helped to offset declines in other sectors, such as computers and electronics, where orders fell by 5.9 percent, and the machinery sector, where orders declined a staggering 12.6 percent.
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