Have we hit bottom? Aircraft lead durable goods orders higher in July

Durable goods orders jumped 4.9 percent in July, as aircraft orders doubled, the U.S. Commerce Department announced Wednesday. The core rate, which excludes the often-volatile transportation component, rose 0.8 percent -- the third straight monthly gain and its longest uptrend in four years.

Economists surveyed by Bloomberg News had expected July durable goods orders to rise 2.5 percent. In June, they fell 1.3 percent, after a 1.8 percent rise in May. Economists had also expected the core rate to rise 1.1 in July.