Orders for big-ticket U.S. goods sank 7.3% in July, mostly because of a large decline in contracts for jetliners and large military goods, the government said Monday
Economists surveyed by MarketWatch had expected orders to drop 4.9%
Stripping out the volatile transportation sector, orders fell a much smaller 0.6%, the Commerce Department said
Orders for core capital goods, a key barometer of private-sector business investment, slipped 3.3% to mark the first decline in five months
Shipments of core capital goods, a category used to calculate quarterly economic growth, dipped 1.5% in July
Orders for June, meanwhile, were unchanged at a 3.9% increase
In 2013, orders for durable goods have risen a modest 3.3% in the first seven months of the year compared to the same period one year earlier
Core orders are up 3.8% in the same span
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U.S. business orders sink 7.3% in July
Fewer contracts for Boeing jets, military hardware drive decline
WASHINGTON (MarketWatch)
Orders for big-ticket U.S. goods sank 7.3% in July, mostly because of fewer contracts for jetliners and large military godos
Demand was also soft in other industrial sectors
The retreat in orders — the first in four months — was expected after a steady increase in demand since spring
Still, the weak report underscores how slowly the manufacturing sector is expanding and suggests the U.S. economy entered the third quarter with little momentum
“The manufacturing outlook remains just a shade above mediocre and waiting for something to stir it from its torpor,” said Michael Montgomery, U.S. economist at IHS Global Insight
Economists polled by MarketWatch expected orders to drop a seasonally adjusted 4.9% in July, mainly because of a decline in orders for Boeing commercial jets
Boeing said it signed 90 contracts in July, down from 287 in the prior month
The up-and-down nature of airline orders has been particularly pronounced over the past few months, skewing the durables report
Orders plunged 52.3% in July after run-ups of 34% in June and 68% in May
Orders for cars and trucks, however, rose 0.5% as demand for autos remained strong
The auto industry was the only major U.S. manufacturing segment to record a gain in orders
Boeing factory in Everett, Wash.
Stripping out transportation, orders fell 0.6%, the Commerce Department said Monday. Manufacturers of computers, electronics, electrical equipment and appliances saw orders decline in the 3% to 4% range.
Orders for core capital goods, a key measure of business investment, dropped 3.3% to mark the first decline in five months.
Shipments of core capital goods, a category used to calculate quarterly economic growth, declined 1.5% in July.
Orders for June, meanwhile, were unchanged at a 3.9% increase.
The durables report is extremely volatile and subject to large revisions, so economists look at longer trends. In 2013, business orders have risen a modest 3.3% in the first seven months of the year compared to the same period one year earlier.
Core orders are up 3.8% in the same span.
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