Washington: US durable goods orders increased by 1.1% on a monthly basis in July, surpassing market expectations. Durable goods orders totaled $339.3 billion in July, the US Commerce Department announced on Wednesday.

According to Anadolu Agency, the market expectation for the figure was a 0.4% increase, while orders saw a 0.5% rise in June. A 2.3% surge in transportation equipment orders drove the overall increase in durable goods orders during this period.

New orders excluding transportation equipment increased by 0.4%, while orders excluding defense rose by 1.3% in July. Durable goods orders, which include products with a lifespan of at least three years, provide significant insight into industrial production.