WASHINGTON — The value of U.S. durable goods new orders surged 3.1% in February, much stronger than the 1.7% increase expected by analysts in an MNI survey.
Transportation orders rose 7.1%, and new orders excluding transportation orders posted a 1.2% gain, data released Friday by the Commerce Department showed.
The surge in new orders excluding transportation was much larger than the 0.6% gain expected and reflected solid gains in every component except for computers and electronics products. This was the seventh increase in the last eight months, an indication that orders are expanding consistently outside of the transportation noise.
Nondefense aircraft and parts new orders posted 25.5% surge in February, partially rebounding from a 27.9% plunge in January. Meanwhile, defense aircraft and parts jumped 37.7% after a 48.9% decline in January.
Motor vehicles orders posted a 1.6% gain. In addition, transportation orders excluding motor vehicles and aircraft rebounded by 11.7% following a 19.5% decline in the previous month, according to an MNI calculation.
Nondefense capital goods new orders saw a gain of 4.5%, and were still up 1.8% excluding civilian aircraft.
Durable goods shipments rose 0.9% in February, with nondefense capital goods shipments up 1.2% and up 1.4% excluding civilian aircraft shipments, according to an MNI calculation.
Durable goods inventories were up 0.4% in the month, while unfilled orders posted a 0.2% increase.
