New data released Thursday by the Commerce Department showed that orders for U.S.-manufactured durable goods increased far more than economists had anticipated in April, signaling stronger momentum in the manufacturing sector.
According to the report, durable goods orders climbed 7.9% in April following an upwardly revised 1.3% increase in March.
Economists had expected orders to rise 2.8% after the previously reported 0.8% gain in March.
Excluding transportation equipment, durable goods orders advanced 1.1% in April, matching the revised increase recorded in the prior month.
Analysts had forecast ex-transportation orders to increase by 0.4%.