U.S. Durable Goods Orders Spike 7.3% In June
Following the substantial rebound in new orders for U.S. manufactured durable goods reported for the previous month, the Commerce Department released a report on Monday showing durable goods orders continued to move sharply higher in the month of June.
The Commerce Department said durable goods orders surged up by 7.3 percent in June after skyrocketing by a downwardly revised 15.1 percent in May.
Economists had expected durable goods orders to soar by 7.2 percent compared to the 15.7 percent spike that had been reported for the previous month.
Excluding another substantial increase in orders for transportation equipment, durable goods orders still jumped by 3.3 percent in June after shooting up by 3.6 percent in May. Ex-transportation orders were expected to surge up by 3.5 percent.