the staff of the Ridgewood blog
Washington DC, durable goods orders continued to rise . In May thanks to strong demand for transportation equipment and nondefense aircraft durable goods orders, including appliances, computers, cars and other manufactured goods, rose 1.7% in May from the month prior to a seasonally adjusted $288.2 billion, the Commerce Department said Tuesday.
In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use. Items like bricks could be considered perfectly durable goods because they should theoretically never wear out
That was the third consecutive month of order growth after a revised 1.2% increase in April and 3.3% rise in March. Economists surveyed by The Wall Street Journal missed the mark having forecasting a 1% drop in May.
Excluding defense categories, new orders were up 3%, led by transportation equipment. Stripping out transportation, new orders were still up 0.6%.
This closely watched proxy for business investment–new orders for nondefense capital goods excluding aircraft–rose 0.7% from the previous month to $73.96 billion. Orders for nondefense aircraft and parts jumped by nearly a third, while overall capital goods orders were up 2.8%. Orders for defense aircraft meanwhile fell 35.4% from last month, according to the Commerce Department’s report. New orders for defense capital goods were down 14.7%.
Positive news for the overall strength of the economy , but also raises concerns that the Federal Reserve may view the economy as too hot increasing the likelihood of further interest rate increases.
Tell your story #TheRidgewoodblog , #Indpendentnews #information #advertise #guestpost #affiliatemarketing ,#NorthJersey #NJ , #News #localnews #bergencounty #nj #sponsoredpost #SponsoredContent #contentplacement #guestposts #linkplacement Email: Onlyonesmallvoice@gmail.com
