With orders for transportation equipment showing a substantial increase, the Commerce Department released a report on Thursday showing that new orders for U.S. manufactured durable goods rose by much more than expected in the month of June.
The report said durable goods orders surged up by 4.2 percent in June following an upwardly revised 5.2 percent jump in May. Economists had expected orders to rise by 1.5 percent compared to the 3.7 percent increase that had been reported for the previous month.
Excluding the 12.8 percent jump in orders for transportation equipment, durable goods orders were unchanged in June compared to a 1.0 percent increase in May.
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