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Sunday, September 20, 2020
HomeNewsEconomyDurable Goods Orders Soar 11.2% in July, Beating Forecast for Third Straight Month

Durable Goods Orders Soar 11.2% in July, Beating Forecast for Third Straight Month

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 soared 11.2%, or $23.2 billion to $230.7 billion in July. That’s the third straight month of strong data beating the consensus forecast and the prior month being revised higher.

Forecasts for new orders ranged from a low of 3.0% to a high of 9.1%. The consensus forecast was 4.3%, a still solid but less gain than the actual figure. New orders for durable goods were revised higher for June, from 7.3% to 7.7% at $207.5 billion.

Excluding transportation, new orders for durable goods rose 2.4%. Forecasts ranged from a low of 1.0% to a high of 4.0%. The consensus forecast was 2.0%.

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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