Durable goods orders stumble, but consumers perk up

Orders for long-lasting U.S. manufactured goods fell in December, but consumer confidence hit a five-month high in January.

Demand for durable goods fell 4.3 percent in December, with obstacles including demand for transportation equipment, primary metals, fabricated metal products, computers and electronic products and capital goods, Reuters reports.

The drop is the largest decline in demand for durable goods since July, and reversed a rise in November of 2.6 percent.

Durable goods inventories increased 0.8 percent last month, causing the ratio of inventory-to-shipments to reach an eight-month high.

The Conference Board said the index of consumer attitudes rose to 80.7 this month from 77.5 in December. This was the highest reading since August.

Read more from Reuters.