MW: U.S. Feb. durable goods orders up 3.4%, surprising analysts
Orders for U.S.-made durable goods rose in February, rising 3.4% on weaker demand for machinery and defense goods, the Commerce Department reported Wednesday. This is the first increase after six monthly declines and the biggest gain since December 2007. Excluding the 2.0% increase in transportation goods, orders rose 3.9%, the sharpest rise since August 2005. The increase far exceeded the expected 1.2% fall forecast by economists surveyed by MarketWatch. Offsetting the gain somewhat, orders in January were revised sharply lower. Orders fell a revised 7.3% in January, compared with the previous estimate of a fall of 4.5%. Shipments fell 0.5% in February and were down 0.4% excluding transportation goods. Inventories fell 0.9%.
