The U.S. Census Bureau reported new orders for manufactured durable goods increased $0.5 billion or 0.2% to $250.7 billion in August, beating the consensus forecast. Durable goods orders are now up for three consecutive months after gaining 2.0% in July.
That’s an upward revision from 1.4% for July. In August, forecasts were looking for a low of -2.3% to a high of 1.0%. The consensus forecast was -1.2%.
New orders excluding transportation rose 0.5%, also beating the consensus forecast. Forecasts were looking for a low of -0.3% to a high of 0.6%. The consensus forecast was 0.2%.
New orders excluding defense fell 0.6%.
Fabricated metal products, which have been up four of the last five months, led the gain for August, rising $0.4 billion or 1.3% to $34.4 billion.