US durable goods orders up 1.7 per cent in August

WASHINGTON — Orders for long-lasting manufactured goods rose a modest 1.7 per cent in August, reflecting a rebound in the volatile aircraft sector. A gauge of business investment was up for a second month, providing hope that a revival in manufacturing is gaining strength.

The Labor Department says last month’s advance in orders for durable goods followed a 6.8 per cent plunge in July. Both months were heavily influenced by swings in orders for commercial aircraft, which surged 44.8 per cent in August after having plunged 71.1 per cent in July.

A closely watched category that serves as a proxy for business investment posted a 0.9 per cent gain in August after a 1.1 per cent increase in July. Economists believe that U.S. factory output should continue rising in coming months, reflecting a rebound in the global economy.

Martin Crutsinger, The Associated Press

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