Keeping you up to date on the latest data releases.
- Durable Goods
New orders for durable goods rose 1.6 percent (nonannualized rate) in June, following a modest upward revision to May’s orders (up from 1.1 percent to 1.6 percent). However, much of the strength in orders over the past few months is just reflecting volatile orders for transportation equipment, which jumped up a 8.0 percent in June. Excluding transportation, new orders for durables actually fell 1.1 percent in June and rose 0.8 percent in May. On a year-over-year basis, the series is up 3.1 percent, a growth rate that has slowed sharply from a local peak of 10.3 percent in February. The near-term outlook for equipment and software investment is often affected by nondefense capital goods orders excluding aircraft, which slipped down 1.4 percent in June, though that was after a 2.7 percent gain in May. Still, nondefense capital goods orders (excluding aircraft) have fallen in four of the past six months, and its 12-month growth rate has slowed from 11.9 percent in February to 0.1 percent as of June. Shipments of durables rose just 0.1 percent in June. However, after excluding transportation equipment, shipments rose 0.5 percent in June and are up 6.2 percent over the past year. Durables inventories continued to expand in June, rising 0.3 percent.