US durable goods orders exceed expectations in July

US durable goods orders increased by 1.1% on a monthly basis in July, surpassing market expectations.

Durable goods orders totaled $339.3 billion in July, the US Commerce Department announced on Wednesday.

The market expectation for the figure was a 0.4% increase, while orders saw a 0.5% rise in June.

A 2.3% surge in transportation equipment orders drove the overall increase in durable goods orders during this period.

New orders excluding transportation equipment increased by 0.4%, while orders excluding defense rose by 1.3% in July.

Durable goods orders, which include products with a lifespan of at least three years, provide significant insight into industrial production.