New orders for long-lasting manufactured goods rose more than expected in July on strong demand for aircraft and motor vehicles, according to a Wednesday Commerce Department report. The Commerce Department said durable goods orders rose by 4 percent after a revised 1.3 percent drop in June, which was previously reported as a 1.9 percent fall. Economists polled by Reuters had expected orders to rise 2 percent last month. Orders were bolstered by a 14.6 percent jump in bookings for transportation equipment, which was the largest increase since January. Excluding transportation, orders unexpectedly rose 0.7 percent after gaining 0.6 percent in June. Economists had expected this category to fall 0.5 percent. But non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, fell 1.5 percent last month after a revised 0.6 percent rise in June. Economists had expected a 1 percent fall from a previously reported 0.4 percent gain.
