The numbers: Orders for durable goods rose 1.6% in January, the government said Friday.
Economists had forecast a 0.8% rise in orders for durable goods — products made to last at least three years. Orders for December were revised up sharply to a 1.2% gain from the prior estimate of 0.7%.
Core capital goods orders, which exclude volatile sectors like transportation and defense, rose 0.9% in January.
Key details: Excluding transportation, orders were up 0.7% in January. Excluding the defense sector, orders were up 1.6%.
Bookings for commercial aircraft jumped 15.6% in the month.
Big picture: The durable goods sector looks in much better shape than prior to the data. Economists had been worried about signs of a moderation in orders. The factory sector has been a pillar of strength during the pandemic.
Market reaction: Stocks
were moving on minute-by-minute developments related to Russia’s invasion of Ukraine. Reports that Russia might be open to negotiations led to expectations of a higher market opening.