Orders for durable goods, which include items like cars, equipment and home appliances, accelerated way more than economists had expected in July.
Monthly orders jumped 11.2% to $230.7 billion last month, the Census Bureau reported this morning. Economists had expected only a 4.3% increase.
It was the third-straight month that orders rose as the economy is recovering from the pandemic lockdown in the spring. And the good news doesn't end there: June orders were revised up to 7.7% from 7.6% initially reported.
Today's report largely assures that we'll see a GDP surge in Q3 that reverses most of the GDP decline reported in Q2," wrote Mike Englund, chief economist at Action Economics, in a note.
Stripping out transport -- read cars -- orders only increased 2.4% in July, still more than predicted.
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August 26, 2020 at 05:45PM
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Stocks look for their fourth-straight record - CNN
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