Durable Goods and Capital Goods Orders better than Expected
Here's some positive economic news.
Orders for durable goods, items meant to last three years or more, rose strongly last month after an upwardly revised 1.3% gain in June, the Commerce Department said. Analysts were expecting durables orders to remain unchanged from the previous month.
Transportation orders rose 3.1% in July, largest gain since February, on a 28% rise in civilian aircraft orders. That followed a 21.3% drop in aircraft orders in June.
Even when volatile transportation orders were stripped out, demand for durables rose 0.7%. Analysts had expected a 0.5% drop in durables orders excluding transportation.
Non-defense capital goods orders excluding aircraft, seen as a barometer of business spending, jumped 2.6%, steepest gain since April. Analysts were expecting that category to decline by 0.1%.