Orders for U.S. durable goods surge 22.6 percent to $300.1B in July

Nathan Andrada – Fourth Estate Cooperative Contributor

Washington, DC, United States (4E) – Orders for U.S.-manufactured durable goods accelerated to a record pace in July, boosted by the increase in demand for airplanes that may also help the prospects for a sustained growth in the country’s manufacturing sector.

Sales of durable goods, which include aircraft, automobiles and heavy machinery created to last at least three years, climbed 22.6 percent to $300.1bn in July from the previous month on a seasonally adjusted basis, according to the Commerce Department report released Tuesday. The figure was the most significant rise on record and the highest mark since 1992.

The median forecast of 78 economists polled by Bloomberg News called for durable goods orders to climb 8 percent. In the same survey, estimates ranged from a gain of 0.5 percent to 38.1 percent.

The July figure compared with June’s upwardly revised number from an initial reading of 1.7 percent gain.

Excluding airplanes and other transportation equipment, orders dropped 0.8 percent in July from the previous month’s upwardly revised increase of 3 percent, and were higher than 6.6 percent from a year ago. Demand for motor vehicles and parts advanced by 10.2 percent, the sharpest gain since August 2009.

Article © AHN – All Rights Reserved
About the Author

Leave a Reply