29 January 2002, 16:34 US December durable goods orders were up 2.0%
WASHINGTON (MktNews) - The U.S. December durable goods orders data
confirm that a recovery in manufacturing orders was underway by the end
of 2001 but suggest that it was weak at best.
December durable goods orders were up 2.0%, within expectations,
and orders excluding defense gained 1.7% in their third good monthly
rise. That is another proof that manufacturing was recovering by the
end of the year.
Orders excluding transportation also were up 1.4% in their third
gain. Nondefense aircraft & parts soared 26.9%, and defense capital
goods orders were up 10.8%.
New orders were off 13.2% YOY in 2001 but were up 1.4% in Q4, also
confirming the turnaround was in by year-end.
The turn does not yet have legs: preliminary stage manufacturing
was still weak as primary metals orders fell 0.5% in December after
falling 0.4% in November.
December shipments were up 0.5% and unfilled orders, a lagging
indicator, fell 0.7%, showing there is still some slack at factories.
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