JUNE DURABLE GOODS ORDERS UP 0.8%, EX-TRANSPORTS UP 2%
Durable Goods Orders rose 0.8% in June, beating estimates of a 0.3% decline and following an upwardly revised 0.1% rise in May (previously reported as unchanged).
Excluding transportation, durable goods orders jumped 2%, much more than expected and the biggest gain since December. May’s ex-transports number was revised to a 0.5% drop, previously reported as a 0.8% decline.
Excluding defense, durable goods orders edged up 0.1%, the first rise in 3 months.
The June numbers were driven higher by increases in orders for primary metals (up 5.1%), machinery (up 2.3%), electrical equipment (up 5%) and motor vehicles and parts (up 1.8%). Higher prices over the period were sure to have increased the value of durable goods orders, and the weaker USD likely attracted overseas buying.
Orders of capital goods fell 0.9%, pushed down by fewer aircraft orders –- nondefense capital goods fell 3.2%, but excluding aircraft, they were up 1.4%. Defense capital goods rose 15.8%.
Meanwhile, durable goods shipments rose 0.5% in June and unfilled orders were up 0.9%. Inventories of durable goods rose 0.5%.