Durable Goods Orders Have Record Gain of 22.6%

Durable goods orders increased 22.6 percent in July, or $55.3 billion to $300.2 billion, according to data released by the U.S. Census Bureau. The increase was the highest level seen since the series was first published in 1992. Excluding defense, new orders increased 24.9 percent. Transportation equipment drove the increase with a gain of 74.2 percent, especially for commercial aircraft. Excluding transportation, orders decreased by 0.8 percent.

The increase was triple the 7.5 percent forecast consensus of economists surveyed by The Wall Street Journal.