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27th of July 2011
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US durable goods up 3.4 percent

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by Peter Charalambous

Last month saw an unexpected rise in the number of orders for US durable goods having rebounded by 3.4 percent following an increase in demand for machinery and defence goods, the Commerce Department announced Wednesday.

After six consecutive declines, February’s increase is the sharpest since August 2005 and is well above the 1.2 percent decline that economists had predicted.

After a 7.3 percent decrease in January, the increase in durable goods orders has coincided with improvements experienced in retail sales, residential construction and re-sales in the property sector.

Consumer spending is beginning to stabilise and that should mean that manufacturers will slowly be able to trim their stockpile and, in turn, bring stability back to production.

The greatest influence on growth has been the demand on
non-defence capital goods, alongside business investment in new equipment.

In order to help the manufacturing and construction industries, the Treasury Department earlier this week announced a public-private partnership plan to purchase as much as $1 trillion in devalued property in order to resurrect lending.

The rise in orders of durable goods is being seen by analysts as a step in the right direction.

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News posted: March 27, 2009

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