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Thursday, August 26, 2010

US Durable Goods Orders Edge Up Marginally in July

The US Commerce department announced that the durable goods orders edged up by 0.3% in July following a revised 0.1% decrease in June. The increase was found to be much less than market expectations and soley due to increase in the orders for transportation equipment. While the increase in orders in July was far below expectations, the data for June reflected a notable upward revision compared to the numbers reported earlier this month.

The modest increase in durable goods orders in July was largely due to a 13.1% increase in orders for transportation equipment, which reflected a substantial 75.9% increase in orders for non-defense aircraft and parts. Excluding the increase in orders for transportation equipment, durable goods orders actually fell by 3.8 %in July compared to a revised 0.2 %increase in the previous month. Ex-transportation orders had been expected to increase by 0.5 percent.The report also showed that shipments of durable goods surged up by 2.2% in July following a 0.2 %increase in June. Shipments on transportation equipment showed a substantial increase, rising by 6.9%.

Inventories of durable goods rose for the seventh consecutive month, increasing by 0.6 %in July after rising by 1.3 % in June. Machinery inventories had the largest increase, rising by 1.9%. Meanwhile, the Commerce Department said that orders for non-defense capital goods, excluding aircraft, which is seen as a solid indicator of the business spending in the country dipped by 8.0% in July following a 3.6% increase in June.

posted by All America Auto Transport @ 3:53 AM permanent link  

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