US durable goods orders surge 4.4% in July
Economists’ estimates called for a gain of 3.6% after posting a 4.2% fall in June, according to a survey by MarketWatch. The increase in durable goods orders was attributed to higher demand for new airplanes.
Orders rose 1.5% excluding the transportation sector, but it was still the biggest increase of the year. Core capital goods orders went up 1.6% and posted the second straight increase in July, showing the biggest increase since January. Core capital goods orders are considered as an indicator of business investment. However, shipments of core capital goods fell 0.4%. On the other hand, orders for new automobiles remained steady while commercial planes’ orders surged 90% in July following a 60% drop in June.
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