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US durable goods orders soaring More signs of US economic growth
(19 minutes later)
US durable goods orders soared last month, growing at the fastest rate in two years, led by the airline sector, official figures have shown. US durable goods orders and new home sales both soared last month, the latest indications that the country's economic recovery is gathering pace.
Orders for goods expected to last more than three years increased 4.9% in July, beating analyst expectations of a 3% gain, said the Commerce Department.Orders for goods expected to last more than three years increased 4.9% in July, beating analyst expectations of a 3% gain, said the Commerce Department.
It marked the third rise in the past four months, and followed a revised 1.3% fall in June. At the same time, the annual rate of sales of new US homes rose 9.6% last month, also ahead of market targets.
Led by the aviation sector, transport equipment orders increased 18%. This was the biggest rise in sales of new houses since September last year.
Boeing boost
The increase in durable goods orders was led by the commercial aviation sector, which pushed transportation equipment orders up 18%.
US home sales have seen their biggest rise in 10 months
The increase in demand for civilian aircraft was thanks primarily to Boeing, which in July saw its largest increase in monthly orders since August last year.The increase in demand for civilian aircraft was thanks primarily to Boeing, which in July saw its largest increase in monthly orders since August last year.
On the surface, it looks good, but if you look a little closer, that just underscores the continued headwinds that face the US economy Joe Manimbo, Travelex Global Business Payments
Transportation orders were further lifted by increased demand for US built cars thanks to the government's "cash for clunkers" scrappage scheme, under which consumers are given money to trade in their old vehicles.Transportation orders were further lifted by increased demand for US built cars thanks to the government's "cash for clunkers" scrappage scheme, under which consumers are given money to trade in their old vehicles.
New orders excluding transportation items rose 0.8%. New orders excluding transportation items rose 0.8%, which was the third rise in the past four months, and followed a revised 1.3% fall in June.
The latest durable goods orders figures are just the latest indication that the US economic recovery may be gathering pace. Sales of new US homes rose to a seasonally adjusted annual rate of 433,000 in July, up from 395,000 in June, said the Commerce Department.
They come a day after the closely-watched Conference Board Consumer Confidence Index rose by more than expected this month, while a separate study said the rate of decline in US house prices slowed in July. Although this was a 9.6% rise from the month before, sales were still 13% lower than July 2008.
Analysts broadly welcomed the upbeat durable goods orders, but some cautioned that without the transportation items, demand remained subdued. The latest upbeat official figures come a day after the closely-watched Conference Board Consumer Confidence Index rose by more than expected this month, while a separate study said the rate of decline in US house prices slowed in July.
"On the surface, it looks good, but if you look a little closer, that just underscores the continued headwinds that face the US economy," said Joe Manimbo, currency trader at Travelex Global Business Payments in Washington.