U.S. Durable Goods Orders Unexpectedly Plunge 6.6% In June
2024-07-16
3920
(fxcue news) - Reflecting a steep drop in new orders for transportation equipment, the Commerce Department released a report on Thursday unexpectedly showing a sharp decline in orders for durable goods in the month of June.
The Commerce Department said durable goods orders plunged by 6.6 percent in June after inching up 0.1 percent in May. Economists had expected durable goods orders to rise by 0.3 percent.
The unexpected decrease by durable goods orders came as orders for transportation equipment plummeted by 20.5 percent in June after climbing by 0.6 percent in May.
Orders for non-defense aircraft and parts led the way lower, showing a 127.2 percent nosedive in June after jumping by 2.0 percent in the previous month.
Excluding the steep drop in orders for transportation equipment, durable goods orders rose by 0.5 percent in June after edging down by 0.1 percent in May. Ex-transportation orders were expected to tick up by 0.2 percent.
The report said orders for machinery and electrical equipment, appliances and components jumped by 1.6 percent and 1.3 percent, respectively, while orders for computers and electronic products climbed by 0.8 percent.
Orders for non-defense capital goods excluding aircraft, a key indicator of business spending, shot up by 1.0 percent in June after slumping by 0.9 percent in May.
Shipments in the same category, which is the source data for equipment investment in GDP, inched up by 0.1 percent in June after falling by 0.7 percent in May.
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