Durable Goods Orders Surge in July

Washington, DC, Aug. 24, 2011 -- New durable goods orders surged in July on strong demand for transportation equipment, according to the Commerce Department.

The government said durable goods orders jumped 4 percent after a 1.3 percent drop in June. Economists had expected orders to rise 2 percent last month.

Orders were boosted by a 14.6 percent jump in bookings for transportation equipment, which was the largest increase since January.

Excluding transportation, orders rose 0.7 percent after gaining 0.6 percent in June, well ahead of economists' expectations for a 0.5 percent fall.