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U.S. Durable Goods Orders Pull Back More Than Expected In July
(RTTNews) - With aircraft demand pulling back sharply following recent strength, the Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods tumbled by more than expected in the month of July.
The Commerce Department said durable goods orders plunged by 5.2 percent in July after surging by a revised 4.4 percent in June.
Economists had expected durable goods orders to slump by 4.0 percent compared to the 4.6 percent jump that had been reported for the previous month.
Excluding the pullback in orders for transportation equipment, durable goods orders rose by 0.5 percent in July after inching up by 0.2 percent in June. Ex-transportation orders were expected to edge up by 0.2 percent.
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