Durable goods orders plunge more than expected
Durable goods orders fell 4% in June, led by a slump in commercial aircraft and other transportation equipment, according to a preliminary release.
This was the second-straight monthly decline — the steepest in nearly two years — which suggests manufacturers are still struggling to overcome a sales slowdown.
Economists had forecast that orders for goods built to last fell 1.4%, according to Bloomberg estimates.
Excluding transportation, orders fell 0.5%.
On the plus side, capital goods orders for non-defence items excluding aircraft — so-called core orders, which are a gauge of business investment — rose 0.2%.
Excluding transportation, economists estimated that orders rose 0.3%. Capital goods orders for non-defence items excluding aircraft are estimated to have increased by 0.2%.
The monthly numbers are usually volatile and are subject to revision. The Department of Commerce revised the orders numbers for May lower than previously reported.
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