2021.02.2512:39:00UTC+00U.S. Durable Goods Orders Spike Much More Than Expected In January

New orders for U.S. manufactured durable goods spiked by much more than expected in the month of January, according to a report released by the Commerce Department on Thursday.

The report said durable goods orders soared by 3.4 percent in January after jumping by an upwardly revised 1.2 percent in December.

Economists had expected durable goods orders to surge up by 1.1 percent compared to the 0.5 percent increase that had been reported for the previous month.

Excluding a sharp increase in orders for transportation equipment, durable goods orders still jumped by 1.4 percent in January after spiking by an upwardly revised 1.7 percent in December.

Ex-transportation orders had been expected to climb by 0.7 percent, matching the increase that had been reported for the previous month.