Keeping you up to date on the latest data releases.
- Durable Goods
New orders for durable goods slipped down for the second consecutive month, decreasing 1.0 percent in June, surprising expectations of a modest increase. While some of the weakness in the headline series over the past few months has come from falling aircraft orders, the three-month annualized growth rate in new orders excluding transportation equipment plummeted from 23.0 percent to −0.9 percent in June, its first negative growth rate since May 2009. Shipments of durables, despite decreases of 0.7 percent in May and 0.3 percent in June, are still holding on to a positive three-month annualized growth rate (3.6 percent), though that is well below their growth rate over the past 12 months (10.8 percent). An important input into nonresidential investment—orders for nondefense capital goods excluding aircraft—edged up 0.2 percent in June, following a 1.5 percent increase in May. The near-term (three-month annualized) growth rate of the series has faltered somewhat from a recent high of 21.6 percent in April, though it is still trending at a relatively robust 8.5 percent. Manufacturers added to inventories for the sixth consecutive month, accumulating an additional 0.9 percent in June. However, the 12-month growth rate in inventories is positive (at 0.1 percent) for the first time since December 2008.