Orders placed with U.S. factories for durable goods increased in December by the most in six months, providing more evidence of a bustling industrial sector.
Bookings for goods meant to last at least three years increased 2.9 percent after a 1.7 percent advance in November that was larger than previously reported, data from the Commerce Department showed Friday.
While orders for non-military capital goods excluding aircraft unexpectedly fell 0.3 percent in December, bookings for the previous month were revised to a 0.2 percent increase from a previously reported 0.2 percent decline.
For all of 2017, orders for durable goods increased 5.8 percent, the most in six years. That included a 5.3 percent gain in bookings for business equipment and underscores solid investment that may continue following Republican-led tax cuts. Robust consumer spending and less inventory accumulation in the fourth quarter may also fuel production gains in coming months.
Shipments of non-military capital goods excluding aircraft, which are used to calculate gross domestic product, increased 0.6 percent in December after rising a revised 0.4 percent the month before, according to the Commerce Department.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.