Durable Goods Orders Surge 3.1 Percent
{{#rendered}} {{/rendered}}New orders for U.S.-made durable goods surged a much greater-than-expected 3.1 percent in June as aircraft and manufacturing orders jumped, according to a government report released on Thursday that showed private sector economic strength even as the housing market slows.
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Excluding transportation, orders for these expensive items built to last three years or more rose a larger-than-expected 1.0 percent, the Commerce Department said. That was the ninth gain in the last 11 months.
{{#rendered}} {{/rendered}}Economists polled by Reuters were expecting orders to rise by 1.8 percent overall and by 0.7 percent when transportation orders were stripped out.
May orders were revised to a 0.3 percent gain from an originally reported 0.2 percent drop.
Orders for civilian aircraft soared 8.8 percent while defense aircraft and parts orders gained 12.9 percent.
{{#rendered}} {{/rendered}}Orders for manufacturing, metals, and computers and electronic products also gained.
Meanwhile, the report showed capital goods orders excluding aircraft, a gauge for business spending, moderated to a 0.4 percent gain after a 1.3 percent rise in May.