The 2020 Mid-Year Economic Update_long

Advance Report: New Orders for Durable Goods Up 11.2% in July

Increase of manufactured durable goods is third in a row following the double-digit growth in May and high-single-digit growth in June, which had been preceded by two decreases during the height of the coronavirus crisis.
New orders for durable goods

New orders for manufactured durable goods in July increased $23.2 billion or 11.2% to $230.7 billion, according to the U.S. Census Bureau.

This increase, up three consecutive months, followed a 15.1% May increase and a 7.7% increase in June. Excluding transportation, new orders increased 2.4%. Excluding defense, new orders increased 9.9%. Transportation equipment, also up three consecutive months, led the increase, $19.6 billion or 35.6% to $74.7 billion.

Shipments
Shipments of manufactured durable goods in July, up three consecutive months, increased $16.6 billion or 7.3% to $244.0 billion. This followed a 15.2% June increase. Transportation equipment, also up three consecutive months, led the increase, $12.6 billion or 17.8% to $83.2 billion.

Unfilled Orders
Unfilled orders for manufactured durable goods in July, down four of the last five months, decreased $8.2 billion or 0.8% to $1,084.4 billion. This followed a 1.4% June decrease. Transportation equipment, down five consecutive months, drove the decrease, $8.4 billion or 1.1% to $735.2 billion.

Inventories
Inventories of manufactured durable goods in July, down two consecutive months, decreased $1.9 billion or 0.5% to $422.6 billion. This followed a 0.1% June decrease. Machinery, down six of the last seven months, led the decrease, $0.7 billion or 1% to $69.7 billion.

Capital Goods
Nondefense new orders for capital goods in July increased $5.4 billion or 10.2% to $58.0 billion. Shipments increased $1.3 billion or 2% to $67.6 billion. Unfilled orders decreased $9.5 billion or 1.6% to $600.8 billion. Inventories increased $0.6 billion or 0.3% to $193.3 billion. Defense new orders for capital goods in July increased $3.2 billion or 30% to $14 billion. Shipments increased $0.1 billion or 1.2% to $12.3 billion. Unfilled orders increased $1.7 billion or 1% to $180 billion. Inventories increased less than $0.1 billion or 0.1% to $21.2 billion.

Revised June Data

Revised seasonally adjusted June figures for all manufacturing industries were: new orders, $438.1 billion (revised from $437.2 billion); shipments, $458.1 billion (revised from $457.3 billion); unfilled orders, $1,092.7 billion (revised from $1,092.5 billion) and total inventories, $690.4 billion (revised from $690.9 billion).

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