The Commerce Department said U.S. durable goods orders rose 4.2 percent in July, a much higher gain than economists' expectations.
After a seemingly healthy gain of 1.6 percent in June, economists forecast another 1.6 percent rise for July.
New orders in June rose to $230.7 billion, pushed by a $9.9 billion or 14.1 percent increase in transportation equipment orders, which rose from $68.8 billion in June to $80.4 billion in July.
Excluding transportation, new factory orders for durable goods dropped 0.4 percent. Excluding defense, new orders increased 5.7 percent.
Shipments of manufactured durable goods rose for the seventh month in the past eight, climbing 2.6 percent or by $5.9 billion to $231.1 billion, reaching the highest level since accounting methods were switched to the North American Industry Classification System or NAICS.
Most Popular Stories
- Congress Passes Law Promoting Transparency Reconstruction of Haiti
- Desktop, Laptop Setups Still King
- Four DC Comics Properties Brought to TV Get Comic-Con Event
- UFC Fight Night Sees Robbie Lawler Win Unanimous Decision
- Plan to Simplify 2015 Health Renewals May Backfire
- 'Guardians of the Galaxy ' Sequel Slated for 2017
- Execs Help Entrepreneurs, Get Chevy Volts
- Shania Twain's Vegas residency ending after 110 shows
- Google Confirms $1B Acquisition of Twitch.tv
- Demand for Fair Trade Brings Big Opportunity, Clear Conscience