U.S. Durable Goods Orders Unexpectedly Surge 2.9% In August

(RTTNews) - After reporting a sharp pullback by new orders for U.S. manufactured durable goods over the two previous months, the Commerce Department released a report on Thursday unexpectedly showing a significant rebound by durable goods orders in the month of August.

The Commerce Department said durable goods orders surged by 2.9 percent in August after tumbling by a revised 2.7 percent in July.

Economists had expected durable goods orders to decrease by 0.5 percent compared to the 2.8 percent plunge that had been reported for the previous month.

Excluding a spike in orders for transportation equipment, durable goods orders rose by 0.4 percent in August after jumping by 1.0 percent in July. Ex-transportation orders were expected to come in unchanged.