U.S. Durable Goods Orders Rebound More Than Expected In May
After reporting a sharp drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Thursday showing a substantial rebound in durable goods orders in the month of May.
The Commerce Department said durable goods orders spiked by 15.8 percent in May after plunging by a revised 18.1 percent in April.
Economists had expected durable goods orders to surge up by 10.9 percent compared to the 17.7 percent nosedive that had been reported for the previous month.
Excluding a significant rebound in orders for transportation equipment, durable goods orders jumped by 4.0 percent in May after tumbling by 8.2 percent in April. Economists had expected a 2.5 percent increase.