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US durable goods orders jump 3.8% in November US durable goods orders jump 3.8% in November
(40 minutes later)
Orders for US durable goods jumped by 3.8% in November, which was much more than expected.Orders for US durable goods jumped by 3.8% in November, which was much more than expected.
The US Commerce Department said that orders for durable goods, including transportation equipment, rose by $7.5bn (£4.8bn) to $207bn.The US Commerce Department said that orders for durable goods, including transportation equipment, rose by $7.5bn (£4.8bn) to $207bn.
Analysts had expected a rise of about 2% and said the underlying picture from the data was encouraging.
Excluding transportation goods, which are seen as volatile, orders rose overall by 0.3%.Excluding transportation goods, which are seen as volatile, orders rose overall by 0.3%.
"This was a positive surprise, and the prior month's number was also revised upwards," said Chris Orndorff, senior portfolio manager at Western Asset Management. In the same announcement the previous month's figures were revised up to £199bn from $197.7bn.
Transportation goods include aeroplanes which drove most of the growth.
Plane-builder Boeing received 96 orders for aircraft in November compared with 7 in October.
However, car manufacturers saw orders fall by 0.5% in the same period after rising 5.9% in October.
Analysts had expected an overall rise in US durable goods orders of about 2% in November and said the underlying picture from the data was encouraging.
"This was a positive surprise, and the prior month's number was revised upwards," said Chris Orndorff, senior portfolio manager at Western Asset Management.
"A good sign, but the rolling average of the last three months is still far below the high durable goods levels of Q1 2011."A good sign, but the rolling average of the last three months is still far below the high durable goods levels of Q1 2011.
"And the 2011 levels are below the 2010 levels, so by this measure the economy is still muddling along. However, at least it is in positive territory.""And the 2011 levels are below the 2010 levels, so by this measure the economy is still muddling along. However, at least it is in positive territory."