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New orders for U.S. manufactured durable goods rebounded by much more than anticipated in the month of December, according to a report released by the Commerce Department on Tuesday.
The report said durable goods orders surged up by 2.4 percent in December after tumbling by a revised 3.1 percent in November.
Economists had expected durable goods orders to rise by 0.5 percent compared to the 2.1 percent slump that had been reported for the previous month.
Orders for transportation equipment led the rebound, spiking by 7.6 percent in December after plunging by 8.3 percent in November.
Excluding orders for transportation equipment, durable goods orders edged down by 0.1 percent in December after falling by 0.4 percent in November. Economists had expected a 0.2 percent uptick.
