U.S. Durable Goods Orders Soar Much More Than Expected In May

(RTTNews) - New orders for U.S. manufactured durable goods spiked by much more than expected in the month of May, according to a report released by the Commerce Department on Thursday.

The report said durable goods orders soared by 16.4 percent in May after tumbling by a revised 6.6 percent in April.

Economists had expected durable goods orders to surge by 8.5 percent compared to the 6.3 percent slump that had been reported for the previous month.

Excluding a substantial increase in orders for transportation equipment, durable orders climbed by 0.5 percent in May after coming in unchanged in April. Ex-transportation orders were expected to come in flat.