US Durable Goods Orders Surge 22.6%; Auto Manufacturing Best in 12 Years

US Durable Goods Orders Surge 22.6%; Auto Manufacturing Best in 12 Years

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A surge in demand for jets helped make July the best month ever for durable goods orders, and signaled a sustained rise in U.S. manufacturing.

Orders placed for long-lasting U.S. manufactured goods soared 22.6 percent, according to Commerce Department data issued Tuesday .

Another report showed American consumer confidence unexpectedly climbing in August to the highest level in almost seven years.

In other positive economic news, American Automobile production just reached its highest level in 12 years. The industry hasn’t produced this many cars rolling off assembly lines since 2002. Overall manufacturing surged up 1% in July — 4.9% higher than this time last year.

(READ the story from Reuters)

Photo by Ford – CC license

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