Keeping you up to date on the latest data releases.
- Durable Goods
New orders for durables slipped down 2.1 percent in June, surprising expectations of a modest increase. Down two out of the last three months, new orders growth appears to be losing some traction as its 3-month annualized growth rate sits at −10.4 percent, compared to its year-over-year growth rate which is still holding up at 7.6 percent. Some of the softness in June can be tied to transportation equipment (both motor vehicles and aircraft orders fell during the month). However, excluding transportation, durables orders edged up just 0.1 percent in June, compared to a 0.7 percent increase in May. An important signal of future equipment and software investment—new orders of nondefense capital goods excluding aircraft—slipped down 0.4 percent in June, following a 1.7 percent gain in May. The series has increased in just two of the past six months and the near term softness is starting to take a toll on its 12-month growth rate—which was knocked down from 11.0 percent to 5.6 percent during the month. Shipments of durables, up five out of the last six months, rose 0.5 percent in June and are up 7.6 percent over the past year. Shipments of nondefense capital goods excluding aircraft rose 1.0 percent in June and are also up 7.6 percent over the past year. Durables inventories, after posting five consecutive monthly gains above 1.0 percent, increased 0.4 percent in June (its smallest monthly increase since March 2010).