WASHINGTON — U.S. factories saw orders for costly manufactured goods rise only marginally in November — falling short of expectations for a much bigger gain and underscoring the strains on the economy from housing and credit problems.
The Commerce Department reported Thursday that orders for durable goods — products expected to last at least three years — increased by 0.1 percent last month. The tiny rise came after durable-goods orders fell by 0.4 percent in October.
Economists were hoping for a larger rebound in new orders placed at the nation’s factories in November. Still, the November rise marked the first increase in durable-goods orders in the last four months.
In other economic news, more people signed up for unemployment benefits last week, a sign that the job market is softening as the economy loses speed.
The Labor Department reported that new applications for unemployment insurance rose by a seasonally adjusted 1,000 to 349,000. Economists had expected new filings for jobless benefits to dip to around 340,000 for last week.
“Now that business spending is also losing momentum, the risk of recession is mounting,” said Michael Gregory, economist at BMO Capital Markets Economics.
Meanwhile, a report from the Conference Board indicated consumers grew slightly more confident in December despite underlying concerns about the country’s economic health. The board’s Consumer Confidence Index rose to 88.6 in December, from 87.8 in November. It was the first increase since July.
The factories report showed demand for all other costly manufactured goods fell by 0.7 percent in November.
