Economics
U.S. Durable-Goods Orders Unexpectedly Quicken on Auto Boost
- July’s gain of 11.2% is more than double median forecast
- Orders remain below levels from before coronavirus pandemic
Photographer: Daniel Acker/Bloomberg
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U.S. orders for durable goods rose in July by more than double estimates amid a continued surge in automobile demand, indicating factories will help support the economic rebound in coming months.
Bookings for durable goods -- or items meant to last at least three years -- increased 11.2% from the prior month after a 7.7% jump in June, Commerce Department data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 4.8% gain in July.