Financial News: U.S. Durable Goods Orders Rise 0.3% In June,

U.S. Durable Goods Orders Rise 0.3% In June, Much Less Than Expected

(RTTNews) - New orders for U.S. manufactured durable goods rebounded by much less than expected in the month of June, according to a report released by the Commerce Department on Monday.

The Commerce Department said durable goods orders rose by 0.3 percent in June after tumbling by a revised 4.0 percent in May.

Economists had expected durable goods orders to jump by 1.7 percent compared to the 4.5 percent plunge originally reported for the previous month.

The modest increase in durable goods orders partly reflected a 3.1 percent surge in new orders for computers and electronic products as well as a 1.1 percent jump in orders for primary metals.

Meanwhile, the Commerce Department said orders for transportation equipment dipped by 0.2 percent in June after plummeting by 13.5 percent in May.

Excluding the decrease in orders for transportation equipment, durable goods orders climbed by 0.6 percent in June after surging by 1.8 percent in May. Ex-transportation orders were expected to increase by 0.9 percent.

The report also said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, increased by 0.9 percent in June after jumping by 1.9 percent in May.

Shipments in the same category, which is the source data for equipment investment in GDP, shot up by 1.9 percent in June after rising by 0.2 percent in May.

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