The U.S. Commerce Department reported on Thursday that the durable goods orders climbed 15.8 percent m-o-m in May, following a revised 18.1 percent m-o-m plunge in April (originally a 17.2 percent m-o-m decline). This was the biggest gain in durable goods orders since July 2014.

Economists had forecast a 10.9 percent m-o-m jump.

According to the report, orders for durable goods excluding transportation rose 4.0 percent m-o-m in May, following a revised 8.2 percent m-o-m tumble in April (originally a drop of 7.4 percent m-o-m), exceeding economists’ forecast of 2.5 percent m-o-m gain.

Meanwhile, orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 2.3 percent m-o-m in May after a revised 6.5 percent fall m-o-m in April. Economists had called for a 1.0 percent m-o-m advance in core capital goods orders in May.

Shipments of these core capital goods rose 1.8 percent m-o-m in May after a 6.2 percent m-o-m drop in the prior month.