Durable Goods Orders Increase By Nearly 3 Percent in April
"April's durable goods orders figures demonstrate that despite the fiscal meltdown in Europe, the recovery in the American manufacturing sector is still gathering momentum," Paul Ashworth, senior U.S. economist at Capital Economics, told the Associated Press.
Industries saw gains and some losses. Motor vehicle orders climbed by 1.6 percent, following March's 4.5 percent rise. Total auto manufacturing orders increased by more than 16 percent. But orders for primary metals including steel dropped 2 percent. Heavy machinery demand declined nearly 6 percent. And computer and appliance orders also lost, by 3 percent and nearly 7 percent, respectively.
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