US factory orders show surge

New orders at US factories surged by 1.5 per cent in November on a rise in orders for nondurable goods.

New orders at US factories surged by 1.5 per cent in November on a rise in orders for nondurable goods.

Analysts were expecting factory orders to climb 0.7 per cent.

Orders for durable goods, items intended to last three years or longer, fell a downwardly revised 0.1 per cent, the fourth consecutive monthly decline in that category, the US Commerce Department said.

Durable goods orders, which were originally reported to have gained 0.1 per cent, were dragged down by declines in orders for machinery, electronic products, and defence equipment.

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Nondurable goods orders - which include food, textiles, paper and chemicals - jumped 3 per cent. It was the steepest rise in that category since March 2005.

Non-defence capital goods excluding aircraft, considered a reliable gauge of business investment, fell a revised 0.1 per cent.