(RTTNews) - Orders for durable goods unexpectedly increased in the month of June, according to a report released by the Department of Commerce on Friday, with the growth reflecting an increase in demand for goods meant to last for at least three years.
The report showed that durable goods orders rose 0.8 percent in June following a revised 0.1 percent increase in May. The increase came as a surprise to economists, who had expected orders to decrease by about 0.3 percent.
Peter Boockvar, equity strategist at Miller Tabak noted, "In the government stimulus package, there was a depreciation tax credit that expires by year end, so companies have to now use it or lose it."
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