U.S. Durable Goods Orders Rebound Much More Than Expected In July
(RTTNews) - With orders for transportation equipment showing a substantial rebound, the Commerce Department released a report on Monday showing a sharp increase by new orders for U.S. manufactured durable goods in the month of July.
The Commerce Department said durable goods orders spiked by 9.9 percent in July after tumbling by a revised 6.9 percent in June.
Economists had expected durable goods orders to jump by 4.0 percent compared to the 6.7 percent plunge that had been reported for the previous month.
The substantial rebound by durable goods orders came as orders for transportation equipment skyrocketed by 34.8 percent in July after plummeting by 20.6 percent in June.
Excluding the surge in orders for transportation equipment, durable goods orders dipped by 0.2 percent in July after inching up by 0.1 percent in June. Ex-transportation orders were expected to come in unchanged.
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