New orders for long-lasting US manufactured goods edged higher in December and the number of workers filing applications for jobless aid fell last week, indicating the economy remains on a recovery path.

The commerce department said yesterday that durable goods orders rose 0.3 per cent last month, held back by a surprise drop in civilian aircraft orders that analysts saw as temporary.

On the jobs front, initial claims for state jobless benefits dropped 8,000 to 470,000. – (Bloomberg)