U.S. Durable Goods Orders Jump 1.0% In June, Less Than Expected
A report released by the Commerce Department on Thursday showed a notable increase in new orders for U.S. manufactured durable goods in the month of June.
The Commerce Department said durable goods orders jumped by 1.0 percent in June after falling by a revised 0.3 percent in May. Economists had expected durable goods orders to spike by 3.0 percent.
The increase in durable goods orders was partly due to a rebound in orders for transportation equipment, which surged up by 2.2 percent in June following a 1.4 percent slump in May.
Excluding transportation orders, durable goods orders rose by 0.4 percent in June after rising by 0.3 percent in the previous month.
The report said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, climbed by 0.6 percent in June following a 0.7 percent increase in May.
The Commerce Department also said shipments of durable goods jumped by 1.7 percent in June, while inventories of durable goods edged down by 0.1 percent.