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Saturday, August 15, 2020
HomeNewsEconomyDurable Goods Orders Rebound Strongly for Second Straight Month, Beating Forecast

Durable Goods Orders Rebound Strongly for Second Straight Month, Beating Forecast

Manufacture of rails for trains and freight wagon, boxcars. Rail manufacturing plant. Stack of steel round bar - iron metal rail lines material for industry construction in warehouse. (Photo: AdobeStock)
Manufacture of rails for trains and freight wagon, boxcars. Rail manufacturing plant. Stack of steel round bar - iron metal rail lines material for industry construction in warehouse. (Photo: AdobeStock)
Manufacture of rails for trains and freight wagon, boxcars. Rail manufacturing plant. Stack of steel round bar – iron metal rail lines material for industry construction in warehouse. (Photo: AdobeStock)

The U.S. Census Bureau reported new orders for manufactured durable goods gained 7.3%, or $14 billion to $206.9 billion in June. That’s the second straight month of strong data beating the consensus forecast.

Forecasts for new orders ranged from a low of 2.0% to a high of 12.0%. The consensus forecast was 6.5%, a still solid but less gain than the figure for June.

Excluding transportation, new orders for durable goods rose 3.3%. Forecasts ranged from a low of 2.0% to a high of 4.0%. The consensus forecast was 3.5%.

Excluding defense, new orders gained 9.2%. Transportation equipment, also up for the second consecutive month, led the gain, increasing $9.2 billion or 20.0% to $55.3 billion.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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