U.S. Durable Goods Orders Jump 1.1% In July, Much More Than Expected
(RTTNews) - The Commerce Department released a report on Wednesday showing a sharp increase in new orders for U.S. manufactured durable goods in the month of July.
The report said durable goods orders shot up by 1.1 percent in July after climbing by 0.5 percent in June. Economists had expected durable goods orders to rise by another 0.5 percent.
The jump in durable goods orders partly reflected a notable rebound in orders for transportation equipment, which surged by 2.3 percent in July after falling by 0.5 percent in June.
Orders for non-defense aircraft and parts led the way higher, soaring by 12.7 percent in July after tumbling by 2.9 percent in June.
Excluding the sharp increase in orders for transportation equipment, durable goods orders climbed by 0.4 percent in July after jumping by 1.1 percent in June. Ex-transportation orders were expected to increase by 0.6 percent.
Notable increases in orders for primary metals and machinery were partly offset by a slump in orders for computers and electronic products.
The report also said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, rose by 0.2 percent in July after jumping by 1.7 percent in June.
Shipments in the same category, which is the source data for equipment investment in GDP, shot up by 1.4 percent in July after surging by 2.4 percent in June.
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