The number of US workers filing new jobless benefit claims jumped last week to the highest level in over 3 months while durable goods - -  items expected to last at least 3 years, - - surged in January, rising twice what was expected due to a 126%  rise in aircraft orders.

Initial claims for jobless benefits increased by 22,000 to 496,000 in the week ended Feb. 20th, according to the Labor Department today. The previous week's level was revised upward to 474,000 from 473,000. The claims were at the highest level since Nov. 14, 2009.

A Labor Department analyst said part of the reason for the jump in weekly claims was the processing of a backlog of applications in mid-Atlantic states and New England, where snowstorms hit earlier this month. The four-week moving average, which seeks to smooth volatility in the data, also increased for the week ending Feb. 20th. The Labor Department said the four-week moving average went up by 6,000 to 473,750 from the previous week's revised average of 467,750. Continuing claims also rose 6,000 to 4.62 million in the week ended Feb. 13th. These claims figure does not include the number of Americans receiving extended benefits under federal programs.

Durable goods orders in January were boosted  by commercial aircraft orders, which jumped 126% after falling at the end of 2009. Durables orders not including transportation-related goods fell last month by 0.6%, as demand for machinery plunged. Ex-transportation sector orders in December had climbed 2.0%.

New Orders

New orders for manufactured durable goods in January increased $5.2 billion or 3.0% to $175.7 billion, the US Census Bureau announced today. This was the second consecutive monthly increase and followed a 1.9%  December increase. Excluding transportation, new orders decreased 0.6% . Excluding defense, new orders increased 1.6% . Transportation equipment, up four of the last five months, had the largest increase, $6.0 billion or 15.6% to $44.8 billion. This was led by nondefense aircraft and parts, which increased $4.0 billion.

Shipments

Shipments of manufactured durable goods in January, down following four consecutive monthly increases, decreased $0.3 billion or 0.2 %  to $180.7 billion. This followed a 2.4% December increase. Transportation equipment, down following two consecutive monthly increases, had the largest decrease, $1.6 billion or 3.5 %  to $44.6 billion.

Unfilled Orders

Unfilled orders for manufactured durable goods in January, up following a record fifteen consecutive monthly decreases, increased $0.4 billion or 0.1 %  to $718.1 billion. This followed a 0.9% December decrease. Primary metals, up seven of the last eight months, had the largest increase, $0.5 billion or 3.2% to $16.1 billion.

Inventories

Inventories of manufactured durable goods in January, down thirteen consecutive months, decreased $0.1 billion to $302.6 billion. This followed a 0.2% December decrease. Computers and electronic products, down twelve of the last thirteen months, had the largest decrease, $0.5 billion or 1.2% to $42.9 billion.

Capital Goods

Nondefense new orders for capital goods in January increased $2.6 billion or 4.7% to $57.7 billion. Shipments decreased $2.1 billion or 3.5 %  to $57.7 billion. Unfilled orders decreased slightly to $409.0 billion. Inventories increased $0.5 billion or 0.3% to $131.8 billion. Defense new orders for capital goods in January increased $1.6 billion or 19.2 % to $9.9 billion. Shipments increased $0.1 billion or 0.6% to $10.4 billion. Unfilled orders decreased $0.5 billion or 0.4%  to $132.3 billion. Inventories increased $0.5 billion or 2.4% to $20.4 billion.