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Financial News: U.S. Durable Goods Orders Spike 2.0% In June

U.S. Durable Goods Orders Spike 2.0% In June

07/25/2019 - 08:44:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed a much stronger than expected rebound in new orders for U.S. manufactured durable goods in the month of June, although the report also showed a much steeper than previously reported drop in orders in May.

The Commerce Department said durable goods orders spiked by 2.0 percent in June after plunging by a revised 2.3 percent in May.

Economists had expected durable goods to climb by 0.7 percent compared to the 1.3 percent slump originally reported for the previous month.

Excluding a notable rebound in orders for transportation equipment, durable goods orders still jumped by 1.2 percent in June after rising by 0.5 percent in May. Ex-transportation orders had been expected to edge up by 0.2 percent.

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