Keeping you up to date on the latest data releases.
- Durable Goods
Following three consecutive monthly increases, new orders for durable goods fell 13.2 percent (nonannualized) in August, the largest one month decrease since January of 2009. This follows increases of 1.6 percent and 3.3 percent in June and July, respectively, and over the past twelve months, new orders are now down 6.7 percent. New orders for transportation goods, a noisy component which has lead the gains in the past few months, was the primary cause of the large downturn in the headline series as new orders excluding transportation fell just 1.6 percent. Orders for transportation goods fell by 34.5 percent for the month, due primarily to a drop in orders for aircraft and parts. New orders for nondefense capital goods excluding aircraft, which is used to evaluate the near-term outlook in equipment and software investment, were positive for the month, increasing 1.1 percent, following decreases of 2.8 percent and 5.2 percent over the prior two months, and are down 3.1 percent since last August. Shipments of durable goods fell 3.0 percent following an increase of 1.9 percent in July, and are up 4.4 percent on a year-over-year basis, while shipments of nondefense capital goods excluding aircraft, which maps directly into GDP, were down 0.9 percent following a drop of 1.1 percent in July. Over the last 12 months, this series has increased just 0.9 percent, a drop off from the 12-month growth rates of 6.3 percent and 4.8 percent in June and July, respectively. Inventories increased 0.6 percent in August, following increases of 0.3 percent and 0.8 percent in each of the two prior months, and are up 5.2 percent since last year.