Gold At session Lows Following 2.2% Rise In US Durable Goods Orders

Reuters

Reuters

Figures released by the U.S. Commerce Department on Wednesday revealed non-defense capital goods orders excluding aircraft - a closely watched proxy for business spending plans- rose 1.3% in September after an upwardly revised 1.3% increase in August.

The numbers: Durable-goods orders rose 2.2% in September, beating the MarketWatch forecast of a 0.7% gain.

USA durable goods orders were expected to rise by 1% in September after 2% in August (before revisions). The latest data show manufacturers in the US headed into the fourth quarter on a strong footing. "Export demand is surging", said Chris Rupkey, chief financial economist at MUFG Union Bank in NY.

Manufacturing has been improving since the middle of 2016, following a two-year slump caused by cutbacks in the energy industry and a strong dollar that made USA goods costlier overseas.


What happened: The rise in orders last month was concentrated in commercial aircraft, military hardware and electronics. Prospects are brighter now with the dollar weakening in value this year, which makes USA exports more competitive on overseas markets, and a rebound in energy drilling.

Core durable goods, which strips out the volatile transportation sector, increased 0.7% last month.

Transportation equipment orders led September's increase, rising 5.1%, the biggest increase since June.

"Overall, business equipment investment appears to be going from strength to strength, providing further reason to believe that the economy will continue to grow at a healthy pace in the fourth quarter as well", said Andrew Hunter, an economist at Capital Economics, in a note to clients. Orders for autos and auto parts edged up a tiny 0.1 percent after a 2.8 percent gain in August.

Recommended News

  • Vincent D'Onofrio is back as Wilson Fisk in Daredevil season 3

    Vincent D'Onofrio is back as Wilson Fisk in Daredevil season 3

    Daredevil's third season is starting to ramp up production in NY , although a premiere date has yet to be confirmed. Moving forward, the series will have a new showrunner and executive producer in Erik Oleson .
    Jeff Glor named anchor of 'CBS Evening News'

    Jeff Glor named anchor of 'CBS Evening News'

    Glor has been with CBS for 10 years and reported on major stories such as the Sandy Hook masscre and the Boston Marathon bombing. The anchor job has been open since Scott Pelley departed the show earlier this year due to middling ratings.
    Bipartisan Obamacare-payment deal would save almost  $4 billion, CBO says

    Bipartisan Obamacare-payment deal would save almost $4 billion, CBO says

    Since the bill wouldn't be enacted before the upcoming open enrollment period begins, it would not affect premiums for 2018 plans. The Alexander-Murray deal enjoys 24 sponsors - half Democrat, half Republican - though Senate Minority Leader Charles E.
  • Man Dies In Third Harvey Case Of Flesh-Eating Bacteria

    Man Dies In Third Harvey Case Of Flesh-Eating Bacteria

    A 77-year-old woman who died in September was also determined to be a victim of flesh-eating bacteria related to Hurricane Harvey. Even minor, noninfected wounds - like blisters or scrapes - should be treated immediately.

    UTA Drops Bill O'Reilly Following $32 Million Settlement Report

    And I told that to The New York Times , they don't care", a quote on the former anchor's website addressing the "New York Times hit piece" reads.

    Tri Pointe Homes Inc (TPH) Runs Higher 5.27% For the Week

    Current price level places the company's stock about -0.93% from the 52-week high and 49.66% away from the 52-week low. The Business's operations are organized in two principal businesses, including homebuilding and financial services.
  • Masseuse reveals details of Chris Gayle incident

    Masseuse reveals details of Chris Gayle incident

    On the first day of the hearing today, Russell said she returned to the team's dressing room to find Gayle there in a towel. Fairfax said it was defending its stories on the basis the allegations were substantially true and in the public interest.
    Virat Kohli-Anushka Sharma marriage in December?

    Virat Kohli-Anushka Sharma marriage in December?

    However, he might be rested for the limited overs series, which comprises of three ODIs and same number of T20Is. Virat and Anushka recently appeared in a television commercial where they exchange new-age wedding vows.

    PayPal Holdings, Inc. (NASDAQ:PYPL) Shares Bought by Psagot Investment House Ltd.

    With the firm's stock price now trading around $70.21, the firm has proven a solid track record of growth over the past few years. Following the completion of the sale, the director now owns 124,516 shares in the company, valued at approximately $7,244,340.88.
  • The Weatherford International Ltd. (WFT) Lowered by the Vetr Inc

    The Weatherford International Ltd. (WFT) Lowered by the Vetr Inc

    The stock of Weatherford International Plc (NYSE: WFT ) has "Buy" rating given on Friday, September 11 by TD Securities. The stock of Grupo Aeroportr dl Pcfco SAB de CV (ADR) (NYSE:PAC) earned "Buy" rating by Zacks on Tuesday, August 11.

    Dustin Pedroia undergoes knee surgery

    Brock Holt , Deven Marrero , Marco Hernandez and Tzu-Wei Lin are among the internal options who could fill in for Pedroia. It was a relatively minor procedure, a meniscus cleanup, that left Pedroia healthy for the start of spring training.

    Freeport-McMoRan Inc. (NYSE: FCX)

    Freeport-McMoRan Inc ( FCX ) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The average investment rating for FCX on a scale of 1 to 5 (1 being a strong sell and 5 being a strong buy) is a 3.20 or a Hold.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.