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New orders for U.S. manufactured durable goods slumped by much more than expected in the month of July, according to a report released by the Commerce Department on Friday.
The Commerce Department said durable goods orders tumbled by 1.7 percent in July after climbing by 0.7 percent in June. Economists had expected durable goods orders to drop by 0.5 percent.
Excluding a significant decrease in orders for transportation equipment, durable goods orders rose by 0.2 percent in July after inching up by 0.1 percent in June. Ex-transportation orders had been expected to rise by 0.5 percent.
