While a report released by the Commerce Department on Tuesday showed new orders for U.S. manufactured durable goods saw continued growth in the month of June, the increase came in well below expectations.
The report said durable goods orders climbed by 0.8 percent in June after spiking by an upwardly revised 3.2 percent in May.
Economists had been expecting orders to surge up by 2.1 percent compared to the 2.3 percent jump that had been reported for the previous month.
Excluding orders for transportation equipment, durable goods orders rose by 0.3 percent in June following a 0.5 percent increase in May. Ex-transportation orders were expected to climb by 0.8 percent.