US durable goods orders go upAugust 25th, 2012 - 1:50 pm ICT by IANS
Washington, Aug 25 (IANS) New orders for US-manufactured durable goods rose for the third consecutive month in July, said authorities.
Orders for durable goods increased 4.2 percent last month to $230.7 billion, following a 1.6 percent gain in June, reported Xinhua.
Durable goods are items expected to last at least three years. The increase was largely boosted by a strong gain of 14.1 percent in orders for transportation equipment, including motor vehicles and non-defence aircraft, the Commerce Department said.
Excluding the volatile transportation sector, new orders for manufactured durable goods decreased 0.4 percent last month.
Excluding aircraft, new orders for non-defence capital goods declined 3.4 percent, the biggest drop since November.
Inventories of manufactured durable goods in July increased $2.7 billion, or 0.7 percent, to $369.3 billion.
Manufacturing has been a bright spot for economic recovery and job creation since the recession ended. But after posting strong gains over the second half of 2011 and into the first quarter of 2012, manufacturing production has slowed in recent months.
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Tags: authorities, capital goods, commerce department, defence aircraft, durable goods orders, economic recovery, first quarter, inventories, job creation, manufactured durable goods, motor vehicles, recession, second half, transportation equipment, transportation sector, xinhua