Orders for durable goods, those designed to last more than three years, fell in January as forecast, but outside of the transport sector orders gained for the fifth month in a row.
New placements for durables goods fell 5.2%, more than the -4.8% forecast. The December reading was revised down to 3.7% from 4.6%. However, when orders from transportation firms are excluded, largely the Boeing Company of Chicago, orders increased +1.9% more than nine times the 0.2% anticipated increase. Orders excluding the defense sector dropped a modest 0.4%.
Boeing Corporation the country's largest maket of commercial aircraft reported only two new orders in January after receiving 183 in December. The firm's new 787 model has been grounded due to battery problems.
Chief Market Analyst