New orders for U.S. manufactured durable goods orders soared by much more than expected in the month of June, according to a report released by the Commerce Department on Thursday.
The Commerce Department said durable goods orders shot up by 4.7 percent in June after surging by an upwardly revised 2.0 percent in May.
Economists had expected durable goods orders to increase by 1.0 percent compared to the 1.8 percent jump that had been reported for the previous month.
Excluding a spike in orders for transportation equipment, durable goods orders rose by 0.6 percent in June after climbing by 0.7 percent in May. Ex-transportation orders were expected to come in unchanged.