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Reflecting a continued spike in orders for transportation equipment, the Commerce Department released a report on Monday showing new orders for U.S. durable goods jumped much more than expected in the month of July.
The report said durable goods orders surged up by 2.1 percent in July following a downwardly revised 1.8 percent increase in June.
Economists had expected orders to climb by 1.1 percent compared to the 1.9 percent jump that had been reported for the previous month.
Excluding the spike in orders for transportation equipment, however, durable goods orders fell by 0.4 percent in July after rising by 0.8 percent in June.
The pullback came as a surprise to economists, who had expected ex-transportation orders to inch up by 0.1 percent.
