Durable goods orders fly past forecasts in January

Durable goods orders in the US continued to grow at a very quick pace at the start of 2022.

According to the US Department of Commerce, orders for goods meant to last more than three years, jumped at a month-on-month pace of 1.6% in January (consensus: 0.6%).

That was on top of an upwards revision to the prior month's preliminary print of -0.7% to 1.2%.

Excluding the transportation sector, durable goods orders grew by 0.7% on the month (consensus: 0.3%).

Orders for capital goods excluding aircraft and defence meanwhile - a good indicator of trends for business investment - jumped by 0.9% (consensus: 0.2%).

Versus a year earlier, core capital goods orders were 10.2% stronger.