Investing.com - U.S. orders for long lasting manufactured goods rose more than forecast in August, recovering from a slump in the prior month and bolstering optimism over the U.S. economy, according to official data released on Wednesday.
Total durable goods orders, which include transportation items, increased by 1.7% last month, the Commerce Department said, compared to economists' expectations for a gain of 1.0%.
July’s orders slid 6.8%.
Durable goods are typically bulky or heavy manufactured products designed to last at least three years.
Core durable goods orders, which exclude volatile transportation items, rose by 0.2% last month, in line with forecasts.
July's core durable goods orders had registered a 0.8% advance which was an upward revision from a 0.6% gain.
Durable orders excluding defense increased by 2.2% in August, compared to the prior month’s 7.9% decrease which was revised downwards from an initial 7.8% decline.
Durable goods excluding defense and aircrafts advanced by 0.9% in August, compared to expectations for a 0.3% gain.
The previous month registered a rise of 1.1% which was a slight upward revision from an initial rise of 1.0%.
After the report, EUR/USD was trading at 1.1733 from around 1.1739 ahead of the publication; GBP/USD was at 1.3396 from 1.3406 earlier; while USD/JPY was at 113.05 from 112.9 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 93.30 compared to 93.26 prior to the release.
Meanwhile, U.S. stock futures pointed to a higher open. The Dow futures gained 27 points, or 0.12%, the S&P 500 futures rose 5 points, or 0.18%, while the Nasdaq 100 futures traded up 14 points, or 0.24%.
Elsewhere, in the commodities market, gold futures traded at $1,288.75 a troy ounce, compared to $1,290.92 ahead of the data, while crude oil traded at $51.89 a barrel from $51.95 earlier.