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Financial News: U.S. Durable Goods Orders Jump 1.7% In August,

U.S. Durable Goods Orders Jump 1.7% In August, More Than Expected

09/27/2017 - 09:06:00 (RTTNews)

(RTTNews) - New orders for U.S. manufactured durable goods jumped by more than anticipated in the month of August, according to a report released by the Commerce Department on Wednesday.

The report said durable goods orders surged up by 1.7 percent in August after plunging by 6.8 percent in July. Economists had expected orders to climb by 1.0 percent.

The bigger than expected increase in durable goods orders was partly due to a notable rebound in orders for transportation equipment, which spiked by 4.9 percent in August after plummeting by 19.6 in July.

Excluding orders for transportation equipment, durable goods orders edged up by 0.2 percent in August after climbing by 0.8 percent in July. The uptick matched economist estimates.

The report showed a significant increase in orders for computers and electronic products, which jumped by 1.3 percent during the month.

The Commerce Department also said orders for non-defense capital goods excluding aircraft, an indicator of business spending, rose by 0.9 percent in August after climbing by 1.1 percent in July.

Michael Pearce, U.S. economist at Capital Economics said the data suggests that business equipment investment is set for another big gain in the third quarter.

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