(RTTNews) - Orders for durable goods increased by much more than expected in the month of July, according to a report released by the Department of Commerce on Wednesday, with the increase reflecting strong demand for goods meant to last for at least three years.

The report showed that durable goods orders jumped 1.3 percent in July, matching the unrevised 1.3 percent increase in June. Economists had been expecting a much more modest increase in orders of about 0.1 percent.

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