Driven by increases in the transportation sector, U.S. durable goods orders rebounded to a notably higher than expected level in May, according to figures released Wednesday by the Commerce Department.
New orders for manufactured durable goods in May increased by $2.3 billion in May, a 1.1 percent increase over revised April levels.
The April levels of durable goods orders were, however, revised down to show a 0.2 percent decline rather than the relatively level rate previously reported.
The May increase partially reverses two consecutive months of declining durable goods orders with a sharp 3.7 percent decline recorded for March.
Most economists had expected the partial rebound though most estimates had forecast a more conservative 0.4 percent growth rate.