Factory Orders Expand by 0.2 percent, Reaching $436B
Economists expect businesses to utilize tax breaks that Congress passed in December to increase spending on new equipment, which will in turn drive the growth of manufacturing. The tax breaks expire after this year.
However, durable goods orders decreased 2.3 percent in December. A significant drop in demand for commercial aircraft pulled that figure down. Demand in the transportation industry declined 12.7 percent as a result. But motor vehicle demand, including parts, increased 1.7 percent.
Nondurable goods orders increased 2.3 percent in December.
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