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U.S. Durable Goods Orders Unexpectedly Tumble 1.3% In May

New orders for U.S. manufactured durable goods unexpectedly showed another steep drop in the month of May, according to a report released by the Commerce Department on Wednesday.

The Commerce Department said durable goods orders tumbled by 1.3 percent in May after plunging by a revised 2.8 percent in April.

The continued decrease surprised economists, who had expected durable goods orders to rise by 0.2 percent compared to the 2.1 percent slump originally reported for the previous month.

Meanwhile, excluding another nosedive in orders for transportation equipment, durable goods orders rose by 0.3 percent in May after edging down by 0.1 percent in April. Economists had expected a 0.1 percent uptick.

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