Orders to U.S. factories for durable goods jumped 2 percent in November, the fourth straight advance that marked the longest string of gains in more than six years, the government said Thursday.
The Commerce Department said orders for long-lasting, big-ticket items such as cars and computers totaled a seasonally adjusted $139.4 billion, surpassing October's record $136.6 billion.In a second report suggesting continued economic growth, the department said personal income rose 0.6 percent in November, the fourth straight increase, while consumer spending advanced 0.4 percent, the eighth consecutive gain.
Consumer spending represents two-thirds of the nation's economic activity.
The November gain in orders for durable goods - items expected to last more than three years - marked the first four-month advance since 1987, when orders rose from February through July. Transportation orders paced the advance, but all major categories except electronic and other electrical machinery shared in the increase.
Many analysts had been expecting a gain of just 1.5 percent.
The report confirmed earlier signs of a strengthening manufacturing sector. The government had said previously that industrial production rose in November for sixth straight month.