Economic Watch: Durable Goods Orders and Shipments Drop in July
New orders for long-lasting durable goods in the United States took a dive in July.
New orders for long-lasting durable goods in the United States took a dive in July.
The U.S. Commerce Department reports a 7.3% drop compared to the month before, the first decline in four months and the largest in nearly a year.
Excluding orders outside of the volatile transportation category the decline was 0.6%.
The overall drop was due in great part to a 52.3% decline in civilian aircraft orders.
American Trucking Associations Chief Economist Bob Costello said via Twitter the news was not surprising based on earlier data that showed slowing factory output.
On the upside, orders for motor vehicles in parts in July increased 0.5% following news earlier that new auto sales increased 14% in July compared to the same time a year ago and such an increase is expected again for August.
Shipments of durable good fell in July for the third out of the past four months, dropping 0.3% following a 0.1% decline in June.
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