India, July 3 -- New orders for U.S. manufactured goods saw a substantial rebound in the month of May, according to a report released by the Commerce Department on Thursday.
The Commerce Department factory orders spiked by 8.2 percent in May after plunging by a revised 3.9 percent in April. The sharp increase matched economist estimates.
The rebound by factory orders came as durable goods orders soared by 16.4 percent in May following a 6.6 percent nosedive in April. Orders for transportation equipment led the way higher, skyrocketing by 48.3 percent.
Meanwhile, the report said orders for non-durable goods inched up by 0.1 percent in May after slumping by 1.0 percent in April.
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