Durable goods orders in the United States dropped 0.4% ($1 billion) in September to stand at $261.3 billion.
Source: U.S. Department of Commerce
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The figure followed August’s gain of 1.3% and was better than the market estimates for a contraction of 1.1%.
Demand for durable goods has grown in 15 of the last 17 months, after April 2020, a record low early in the pandemic.
The new orders, excluding transportation, rose 0.4% as new orders dropped 2.0% after excluding defense.
Transportation equipment, down two of the last three months, decreased 2.3 % ( $1.8 billion) to $77.7 billion.
Lower business and retail inventories and strong consumer spending contributed to increased demand for manufacturers. But, supply problems continue to hamper production and delay shipments.
New orders for durable goods year to date rose 23.4% compared with the same period the previous year. Shipments increased by 13.6%.