US durable goods orders rise, jobless claims fall

If you're in a festive mood, some positive data on the US economy should be welcome. From Reuters:

The U.S. Commerce Department said on Thursday that durable goods orders excluding transportation rose 2 percent last month, more than reversing October's 0.7 percent drop and beating market expectations for a 1 percent rise.

However, a plunge in orders for civilian aircraft tempered overall orders, which rose only 0.2 percent, below expectations for a 0.5 percent increase.

A separate report from the Labor Department showed initial claims for state unemployment benefits fell 28,000 to 452,000 last week. That was the lowest level since early September 2008. Economists had expected a drop of only 10,000.

"Both of these series point to ongoing healing in the economy," said Robert Dye, senior economist at PNC Financial Services in Pittsburgh. He said the figures suggested economic growth in the fourth quarter would be stronger than had been expected "with a moderate recovery through 2010."

A Merry Christmas to all readers.