New factory orders for durable good jumped 6.3 percent in October for the third straight month of relatively healthy gains and a signal that the economy is still growing, the Commerce Department said yesterday.
The storing October performance followed gains of 1.5 percent in September and 9.8 percent in August, which was the largest one-month climb in almost eight years.
A number of other recent economic satitics also have offered signs of encouragement on overall economic performance.
Industrial production has gained 0.5 percent during each of the past two months, the inflation-adjusted Gross National Product rose 3.4 percent during the third quarter, and personal income and housing construction also have remained strong, however, is expected to slow sharply next year because of soaring interest rates.
The Commerce Department's report on durable goods covers most major industry groups that are basic producers of substantial goods such as steel, aircraft, automobiles and household appliances.
The department figures showed that orders rose $4.6 billion - or 6.3 percent - to $77.2 billion last month.
More than half of the increase was attributed to the volatile transportation equipment sector, which soared 12.8 percent, the department said. Shipbuilding accounted for nearly half of the transportation gain.
But even excluding transportation equipment, new durable orders rose 4.1 percent, the department said.
Furniture and fixtures; stone, clay and glass products: primary metals and fabricate metal products registered strong gains, the department said.