U.S. durable goods orders jump the most since November in March [ICN.com Financial Markets]
(ICN.com Financial Markets Via Acquire Media NewsEdge) Factory orders for goods meant to last more than three years in the U.S. increased more than estimated in March, further reiterating the recovering pace of production. Durable goods orders rose 2.6% in March, the fastest rate since November, after rising 2.1% the month before. Analysts by Bloomberg called for a 2.0% rise. Excluding transportation, orders rose by the most in a year at 2.0%, soaring above estimates of 0.6% and last month's reading of 0.1%. Following a weather-plague first quarter, demand is starting to pickup, considering the biggest increase in computers and electronics orders since November 2010. Computers and electronics orders grew 5.7% in March. Orders for non-defense capital goods excluding aircraft, an indicator of future business investment, rose 2.2%, the biggest gain in four months. Capital goods orders jumped at a 3.1% annualized rate in the first quarter, after a gain of 1.9% gain the previous quarter. The pickup in durable goods orders was boosted by an 8.6% surge in March for non-military aircraft. Another report showed initial jobless claims for the week-ended April 19 rose 24,000 to 329,000. Analysts by Bloomberg had called for a rise to 315,000. However, data adjustment was made more difficult with the Easter holiday period. The adjustment during spring holidays is hard to quantify from year to year, a Labor Department spokesman said as the figures were released to the press. The four-week average of claims climbed to 316,750 from 312,000 the week before. The number of Americans continuing to receive jobless claims fell 61,000 to 2.68 million in the week-ended April 12, the lowest since December 2007.
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