Orders for US-manufactured goods picked up in January, mainly driven by the growth in demand for transportation equipment during the month.
Source: US Census Bureau
New orders for US-made durable goods stood at $277.5 billion in January, up by $4.3 billion or 1.6%. This follows the $273.2-billion worth of orders recorded in December, which marked a 1.2% increase.
Shipments jumped to $270.4 billion, up by $3.1 billion or 1.2% due mainly to the growth in machinery which increased by $1.0 billion or 2.7% to $38.9 billion. This follows the 1.3% increase in the previous month.
Unfilled orders for the month grew by $11.4 billion or 0.9% to $1.283 trillion, led mostly by unfilled orders of transportation equipment which climbed by $9.6 billion or 1.1% to $848.8 billion. This comes after a 0.8% increase in December.
Inventories of durable goods were recorded at $476.0 billion, marking a $1.9-billion or 0.4% increase driven mainly by machinery which was up for 15 straight months. Inventories grew by 0.8% in December.
Upward revisions were recorded for new orders, shipments, unfilled orders, and total inventories for December.