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US economy defies expectations as April durable goods orders rise 0.7%

27d ago
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US economy defies expectations as durable goods orders rise 0.7%

The United States Census Bureau has released its monthly advance report on ‘Durable Goods Manufacturers’ Shipments Inventories and Orders’ for April 2024.

According to the report, new orders for manufactured durable goods were up $1.9 billion to $284.1 billion in April – an increase of 0.7%.

An unexpected boon

This was the third consecutive month that durable goods orders had increased for the country, and also represented quite a departure from analysts’ expectations for today.

Broadly, markets were pricing in the likelihood of a 0.8% decrease in durable goods orders, rather than an increase.

In terms of the reason for the increase, the Census Bureau stated that “transportation equipment, also up three consecutive months, led the increase, $1.1 billion or 1.2 percent to $96.2 billion.”

The significance of the figures

The United States’ monthly durable goods orders are a vital indicator of the country’s economic health. That’s because durable goods (also known as ‘consumer durables’), are the bigger ticket items shoppers buy which are used over a longer period of time instead of being consumed like, say, groceries are.

Some types of durable goods include home and office appliances, cellphones, vehicles, machinery, furniture items and electronics like laptops.

For durable goods numbers to increase – especially to increase against expectations in a significant surprise spike – implies good things for an economy, as it means consumers are buying more.

For the United States, it often means a stronger US dollar, which is likely to rally or strengthen further after positive US Durable Goods figures are announced.

The post US economy defies expectations as April durable goods orders rise 0.7% appeared first on Invezz

27d ago
bullish:

1

bearish:

0

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