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%.