Orders for longer-lasting goods jumped more than expected, increasing for the fourth straight month.
New orders for products meant to last at least three years, including appliances, computers, cars and other manufactured goods, increased 4.7% in June from a month earlier to a seasonally adjusted $302.5 billion, the Commerce Department said Thursday.
June's rise marks the fourth straight month of increasing durable goods orders, following a revised increase of 2% in May. Economists surveyed by The Wall Street Journal forecast a 1.5% rise in June.
Excluding defense categories, new orders were up 6.2%, led by a more than 12% increase in orders of transportation equipment. Stripping out transportation, new orders were up 0.6%.
New orders for nondefense capital goods excluding aircraft, a closely watched proxy for business investment, rose 0.2% from May to $74.08 billion.
Source : Marketwatch
