U.S. Durable Goods Orders Rebound More Than Expected In January

(RTTNews) - Reflecting a substantial rebound by orders for transportation equipment, the Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods surged by more than expected in the month of January.

The Commerce Department said durable goods orders shot up by 3.1 percent in January after tumbling by a revised 1.8 percent in December.

Economists had expected durable goods orders to jump by 2.0 percent compared to the 2.2 percent slump that had been reported for the previous month.

Excluding the sharp increase in orders for transportation equipment, durable goods orders were unchanged in January after inching up by 0.1 percent in December. Ex-transportation orders were expected to rise by 0.3 percent.