TS grew over the manufacturing recovery in the US as new orders rose by less than expected in February, according to data out yesterday.
Durable goods orders rose 2.2 per cent, less than the three per cent forecast by economists and only partially reversing January’s revised 3.6 per cent decline, the commerce department revealed.
Manufacturing has been a key support for the US recovery from the recession, and a recent acceleration in job growth has boosted hopes the extra income will create a virtuous cycle that leads to more spending, faster growth and further hiring.
Durable goods range from toasters to big-ticket items like aircraft which are meant to last at least least three years. Non-defence capital goods orders excluding aircraft, a closely watched proxy for future investment, edged 1.2 per cent higher, missing hopes of a two per cent gain.