US durable goods orders surge record 22.6 percent

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Associated Press

Posted on August 26, 2014 at 9:00 AM

Updated Tuesday, Aug 26 at 1:00 PM

WASHINGTON (AP) — Business orders for long-lasting manufactured goods shot up by the largest amount on record in July but much of the strength came from a huge surge in demand for commercial aircraft. Outside of transportation, orders actually fell.

The Commerce Department says orders for durable goods rose 22.6 percent in July on a seasonally adjusted basis, the largest one-month gain on record. The strength came from a 318 percent increase in orders for civilian aircraft which helped lift orders for transportation equipment by a record 74.2 percent.

But excluding transportation, orders fell 0.8 percent, and a key category that serves as a proxy for business investment plans dropped 0.5 percent, but this dip came after a sizable 5.4 percent rise in the previous month.

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