India, June 26 -- 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.
Economists had expected durable goods orders to surge by 8.5 percent compared to the 6.3 percent slump that had been reported for the previous month.
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 23...