Strong US durable goods data ease recession fears

July, offering hope the ailing economy could dodge a second recession, even though a gauge of business spending fell. Durable goods orders jumped 4 percent, the Commerce Department said on Wednesday as demand for autos and airplanes surged, more than erasing June's 1.3 percent drop. The rise was double economists' expectations.

"This report offers some encouragement that overall
manufacturing production may not have fallen entirely out of
bed," said Millan Mulraine, a senior macro strategist at TD
Securities in New York.

"The economy will likely avoid a recession, barring any outside shock." But non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, fell 1.5 percent after rising 0.6 percent.

Read Full Article from Reuters

- Posted: 2011-08-24 14:44:00

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