The US Commerce Department said that new orders for durable goods excluding transportation increased by 2 percent in August after a 2.8 percent decline in July. This is the largest single-month increase since March beating expectations by a full percent.
“Overall, I think it’s a much stronger number than the headline suggests. It was a weak report last month but I think this definitely shows underlying improvement,” said Tom Simons, money market economist at Jefferies & Co. in New York.
Source: Reuters
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