Fueled by a second month in a row of increases in the transportation sector, U.S. durable goods orders increased to a notably higher level than expected in June.
According to figures released Thursday by the Commerce Department overall new orders for durable goods came in at $221.6 billion, a 1.6 percent increase from May levels.
Furthermore the increase, which was much higher than most economists expected, came atop revised figures for May that showed a 1.6 percent increase in durable goods orders for that month, higher than the 1.1 percent increase initially reported.
Strong growth in the transportation sector drove much of the increase in overall durable goods orders.
Excluding transportation orders, however, the durable goods orders for June were less encouraging, falling 1.1 percent for the month.
For comments and feedback: editorial@rttnews.com