Washington, DC, December 23--New orders for durable goods rose a sharper than expected 1.6 percent in November, according to a Commerce Department released on Thursday.
November’s increase was a bounce back from a revised 0.9 percent decline in October that was originally reported as a larger 1.1 percent drop. The November orders pickup was the strongest in four months, since a 1.9 percent increase in July and handily outstripped Wall Street economists' forecasts for a 0.6 percent gain.
Orders for transportation goods increased 8.2 percent following a slim 0.3 percent rise a month earlier. It was the strongest rise in transportation orders since an 11 percent surge last February.
Excluding transportation, durables orders in November were down 0.8 percent after a 1.3 percent October decrease.
Nondefense capital goods were up 8.1 percent in November following a 3.4 percent decrease in October. That was the largest rise since a 9.3 percent increase in July.
