July’s order for U.S. durable goods beat expectations jumping by 4 percent on greater demand for automobiles and aircraft. Durable goods are defined as products intended to last for at least three years.
The increase comes after a 1.3 percent decrease in June and could provide a boost of confidence to markets that have suffered wide volatility in recent weeks.
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s going to take time before businesses become comfortable about investing and hiring,Ã¢â‚¬Â said Ryan Sweet, senior economist at MoodyÃ¢â‚¬â„¢s Analytics Inc. in West Chester, Pennsylvania. Ã¢â‚¬Å“The improvement in July appears to be narrowly based.Ã¢â‚¬Â
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