Mumbai, Feb. 28 -- Reflecting a substantial rebound by orders for transportation equipment, the Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods surged by more than expected in the month of January.
The Commerce Department said durable goods orders shot up by 3.1 percent in January after tumbling by a revised 1.8 percent in December.
The sharp increase by durable goods orders came as orders for transportation equipment spiked by 9.8 percent in January after plunging by 5.5 percent in December.
Orders for non-defense aircraft and parts led the way higher, skyrocketing by 93.9 percent in January after plummeting by 28.9 percent in December.
Excluding the surge in orders for transport...