New orders for US-made durable goods jumped a larger-than-expected 3.4 per cent in October on a surge in demand for aircraft, a government report showed today.
US chain store retail sales - which economists watch closely as the holiday shopping season kicks in - rose last week compared to the same week a year ago, reports showed, although non-transportation orders rose a smaller-than-expected 0.3 per cent.
Economists had forecast orders for durable goods, expensive items intended to last three years or more, to rise by 1.1 per cent and had looked for orders to climb 1 per cent outside transportation.
"It looks sort of in line with expectations, with some strength - for example, a rebound in communications and machinery, but also some disturbing continued weakness in the computer sector," said David Wyss, chief economist at Standard & Poor's in New York.
A separate report by Redbook Research, an independent company, showed sales in November to date were up 0.3 per cent compared with the same period in October - and were up 4.4 per cent on a year-over-year basis for the week.
"Retailers reported strong turnover in electronics including computers, DVD players, iPods, flat-screen TVs, video games and digital cameras. Cashmere sweaters, handbags, jewelry and toys were also on the best sellers list," Redbook said.
"Early indications for December are for a guarded optimism, with same store gains projected to be 4.1 per cent year over year and 0.5 per cent versus November, although this target will be finalised in next week's report," Redbook added.