Manufacturers' orders for durable goods jumped 4.9% last month to a seasonally adjusted $168.43 billion, the Commerce Department said Wednesday. That was the largest increase since 5.4% in July 2007.
Economists surveyed by Dow Jones Newswires had projected a 3% gain in July orders. Overall durable goods orders for June were revised up, estimated to have declined 1.3% instead of the 2.2% drop previously reported.
As can be seen above, the huge jump came from transportation equipment. Cash for clunkers? Nope. Back to the WSJ:
Transportation-related durables climbed 18.4% in July, the biggest gain since September 2006. Orders for commercial planes soared 107.2%, following a 30% drop the previous month.