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- U.S. durable goods orders rise more than forecast in July
U.S. durable goods orders rise more than forecast in July
The U.S.
Commerce Department reported on Monday that the durable goods orders rose 2.1
percent m-o-m in July, following a revised 1.8 percent m-o-m surge in June (originally
a 2.0 percent m-o-m gain). That was the fastest rate of growth since August
2018.
Economists had
forecast a 1.1 percent m-o-m increase.
According to
the report, orders for durable goods excluding transportation fell 0.4 percent
m-o-m, following a revised 0.8 percent m-o-m advance in June (originally a 1.2
percent m-o-m advance) and missing market expectations of a flat m-o-m performance.
Orders for
non-defense capital goods excluding aircraft, a closely watched proxy for
business spending plans, rose 0.4 percent m-o-m in June, after increasing 0.9
percent m-o-m in June (revised from +1.5 percent m-o-m). Economists had called
for no change in core capital goods orders in July.
Shipments of
these core capital goods dropped 0.7 percent m-o-m in July after a revised flat
m-o-m performance in the prior month (originally a 0.5 percent m-o-m climb).
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