US durable goods orders up 0.7 percent

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Associated Press

Posted on December 21, 2012 at 7:04 AM

Updated Friday, Dec 21 at 8:02 AM

WASHINGTON (AP) — U.S. companies increased their orders for long-lasting manufactured goods in November, with a second consecutive monthly gain in a key category that reflects businesses' investment plans.

The Commerce Department says orders for durable goods rose a seasonally adjusted 0.7 percent in November, compared to October, when orders had risen 1.1 percent.

Orders for core capital goods — considered a proxy for business investment — were up 2.7 percent in November after a revised 3.2 percent gain in October, which was the biggest increase in 10 months. The two big gains came after a period of weakness in this category had raised concerns about flagging business investment, a driving force in this recovery.

The gains were widespread in November, with only demand for commercial aircraft showing a big decline.

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