Updated: 26-Aug-24 09:17 ET
| July Durable Orders |
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| Updated: 26-Aug-24 09:17 ET |
Highlights
- Total new orders for durable goods surged 9.9% month-over-month in July (Briefing.com consensus 4.0%) following a downwardly revised 6.9% decline (from -6.6%) in June. That surge, like the downturn in June, was driven by transportation equipment orders, which soared 34.8%.
- Excluding transportation, durable goods orders declined 0.2% month-over-month (Briefing.com consensus 0.1%) following a downwardly revised 0.1% increase (from 0.5%) in June.
Key Factors
- New orders for primary metals declined 0.9% following a 0.5% decline in June.
- New orders for fabricated metal products increased 0.2% after being flat in June.
- New orders for machinery were flat following a 1.0% increase in June.
- New orders for computers and electronic products dropped 0.7% following a 0.1% increase in June.
- Shipments of nondefense capital goods orders excluding aircraft, which factor into GDP computations, decreased 0.4% higher after being flat in June.
Big Picture
- The key takeaway from the report is that business spending was soft in July, evidenced by a 0.1% decline in new orders for nondefense capital goods excluding aircraft.
| Category | JUL | JUN | MAY | APR | MAR |
| Total Durable Orders | 9.9% | -6.9% | 0.1% | 0.2% | 0.8% |
| Less Defense | 10.4% | -7.5% | -0.1% | -0.5% | 1.1% |
| Less Transport | -0.2% | 0.1% | -0.2% | 0.4% | -0.1% |
| Transportation | 34.8% | -20.6% | 0.6% | -0.1% | 2.5% |
| Capital Goods | 34.3% | -18.6% | 0.0% | -0.8% | 0.2% |
| Nondefense | 41.9% | -22.9% | -0.4% | -2.9% | 1.2% |
| Nondefense/nonaircarft (core cap gds) | -0.1% | 0.5% | -0.9% | 0.2% | -0.2% |
| Defense Cap Goods | 1.2% | 7.7% | 2.1% | 14.3% | -7.1% |
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