Mumbai, June 27 -- New orders for U.S. manufactured durable goods spiked by much more than expected in the month of May, according to a report released by the Commerce Department on Thursday.
The report said durable goods orders soared by 16.4 percent in May after tumbling by a revised 6.6 percent in April.
The bigger than expected increase by durable goods orders largely reflected a substantial rebound by orders for transportation equipment, which shot up by 48.3 in May after plunging by 17.6 percent in April.
Orders for non-defense aircraft and parts led the way higher, skyrocketing by 230.8 percent in May after plummeting by 51.6 percent in April.
Excluding the surge in orders for transportation equipment, durable orders climbed by 0...