U.S. Durable Goods Orders Surge Much More Than Expected In November

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

The Commerce Department said durable goods orders shot up by 5.3 percent in November after tumbling by 2.1 percent in October. Economists had expected durable goods orders to jump by 3.0 percent.

The bigger than expected increase by durable goods orders largely reflected a spike by orders for transportation equipment, which skyrocketed by 14.7 percent in November after plunging by 6.3 percent in October.

Excluding the surge in orders for transportation equipment, durable goods orders climbed by 0.5 percent in November after inching up by 0.1 percent in October. Ex-transportation orders were expected to rise by 0.3 percent.