The U.S. Commerce Department announced that orders for durable goods increased by 3.8 percent for the month of November. This greatly exceeded expectations of a 2 percent increase.
“This was a positive surprise, and the prior month’s number was also revised upwards,” said Chris Orndorff, senior portfolio manager at Western Asset Management.
“A good sign, but the rolling average of the last three months is still far below the high durable goods levels of Q1 2011.
“And the 2011 levels are below the 2010 levels, so by this measure the economy is still muddling along. However, at least it is in positive territory.”
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