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In The News:

New Orders for Durable Goods Decline 1% in June

New orders for manufactured durable goods in June decreased $2 billion, or 1 percent, to $190.5 billion, according to the U.S. Census Bureau. This was the second consecutive monthly decrease.

Excluding transportation, new orders decreased 0.6 percent. Excluding defense, new orders fell 0.7 percent.

Transportation equipment, down four of the past five months, had the largest decrease, 2.4 percent to $45.9 billion. This was due to nondefense aircraft and parts, which fell $1.8 billion.

Cliff Waldman, economist for the Manufacturers Alliance/MAPI, said that the data released today did have a silver lining: "On a brighter note, the modest increase in new orders for non-defense capital goods excluding volatile aircraft demand shows that business equipment investment remains positive. Capital spending is an essential ingredient for keeping the shaky U.S. economic recovery alive, given a troubled household sector that is confronting high unemployment, a continued need to deleverage amidst weaker housing and financial wealth, and tighter credit conditions. If consumer demand becomes depressed enough to stall total U.S. economic growth, the manufacturing recovery will slow even more than recent data suggest."

Shipments of manufactured durable goods were down 0.3 percent in June to $195 billion. Computers and electronic products, down four of the past five months, had the largest decrease of 4.1 percent.

Unfilled orders for manufactured durable goods in June decreased $0.1 billion to $802.9 billion. Transportation equipment had the largest decrease, 0.6 percent to $476.8 billion.

Inventories of manufactured durable goods in June were up 0.9 percent to $308.2 billion. Transportation equipment had the largest increase of 1.1 percent.

Nondefense new orders for capital goods in June fell 1.6 percent to $64.1 billion. Shipments were up 1 percent, and unfilled orders were up 0.2 percent. Inventories increased 1 percent to $128.1 billion.

Defense new orders for capital goods in June fell 6.8 percent to $9.6 billion. Shipments decreased 1.5 percent. Unfilled orders declined 0.1 percent, and inventories were up slightly – about 0.1 percent.

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