Durable Goods Orders Rebound
Orders for durable goods soared 3.3 percent in April, rebounding from a March drop of nearly 6 percent and far exceeding analysts' expectations, the Commerce Department reported.
The orders, which indicate future activity in the nation's factories, rose $7.2 billion to $222.6 billion during the month, led by orders for transportation equipment, which accounted for $5.1 billion of the increase. Excluding transportation equipment, orders rose 1.3 percent, which still far surpassed expectations published by Yahoo Finance.
In all, transportation equipment accounted for $67.6 billion in orders, or more than 30 percent of all orders. The sector was led by non-defense aircraft and parts, which increased $1.9 billion.
Meanwhile, shipments of manufactured durable goods fell $1.3 billion in April after two straight monthly increases. Computers and electronic products, down in three of the last four months, led the drop, falling 2.9 percent, or $800 million. This followed a 2.9-percent decrease in March.
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