US durable goods orders unexpectedly accelerate on auto demand

[WASHINGTON] US orders for durable goods rose in July by more than double estimates amid a continued surge in automobile demand, indicating factories will help support the economic rebound in coming months.

Bookings for durable goods or items meant to last at least three years increased 11.2 per cent from the prior month after a 7.7 per cent jump in June, Commerce Department data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 4.8 per cent gain in July.

Core capital goods orders, a category that excludes aircraft and military hardware and is seen as a barometer of business investment, rose 1.9 per cent, slightly more than forecast.

BLOOMBERG