U.S. Durable Goods Orders Spike Much More Than Expected In April

(RTTNews) - A report released by the Commerce Department on Thursday showed new orders for U.S. manufactured durable goods soared by much more than expected in the month of April.

The Commerce Department said durable goods orders spiked by 7.9 percent in April after jumping by an upwardly revised 1.3 percent in March.

Economists had expected durable goods orders to surge by 2.8 percent compared to the 0.8 percent increase that had been reported for the previous month.

Excluding orders for transportation equipment, durable goods orders shot up by 1.1 percent in April, matching an upwardly revised increase in March. Ex-transportation orders were expected to climb by 0.4 percent.