US durable goods orders bounce back in August

(Sharecast News) - Orders for goods made to last more than three years bounced back last month, amid a surge in aircraft orders. According to the Department of Commerce, in seasonally adjusted terms orders grew at a month-on-month pace of 2.9% in August to reach $312.06bn.

Economists had anticipated a dip of 0.5% over the month. July's drop in orders was revised up from -2.8% to -2.7%.

Excluding defence, orders were up by 1.9% and if transportation sectors are stripped out by a more muted 0.4%.

In annual terms, total new durable goods orders were ahead by 7.1%.

Orders for non-defence aircraft and parts were up 21.6% to reach $23.67bn, albeit after a 31.5% drop during the previous month.

Defence aircraft and parts orders surged by 50.1% to $6.79bn.

Motor vehicle and parts orders rose by 0.4% to $66.87bn.

Non-defence capital goods orders excluding also those for aircraft - also known as core capital goods orders - increased by 0.6% to reach $76.71bn.

Core capital goods orders were ahead by 2.4% year-on-year.