WASHINGTON — In their biggest gain since July 2007, U.S. durable goods orders posted a surge of 4.9% in July, further evidence of an ongoing recovery.

Orders excluding transportation posted a 0.8% gain, up for a third month, and jumped 4.3% excluding military orders, up for a fourth month, showed underlying strength.

Boeing Corp. reported 44 new orders, significantly higher than 20 in June, so expectation was for an orders surge. Non-military aircraft orders were up 107.2%.

The only weak number was a 6.6% drop in machinery orders, which reversed after two gains. Autos increased 0.9%, reflecting orders driven by the Cash for Clunkers program.

— Market News International

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