U.S. Durable Goods Orders Spike Much More Than Expected In July
Reflecting a sharp increase in orders for transportation equipment, the Commerce Department released a report on Wednesday showing new orders for U.S. manufactured durable goods spiked by much more than expected in the month of July.
The Commerce Department said durable goods orders skyrocketed by 11.2 percent in July after surging up by a revised 7.7 percent in June.
Economists had expected durable goods orders to increase by 4.3 percent compared to the 7.6 percent jump that had been reported for the previous month.
Excluding the substantial increase in orders for transportation equipment, durable goods orders rose by a much more modest 2.4 percent in July after climbing by 4.0 percent in June. The increase still exceeded estimates for 2.0 percent growth.
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