Durable Goods Bolstered by Aircraft Orders
New orders for durable goods nearly doubled expectations in July, as the monthly advance was the largest in two years. New orders surged 4.9% in the month, easily erasing the 1.3% decline in June (revised from -2.5%), and giving an upside surprise to investors who were only looking for a 2.6% gain.
However, much of the increase was due to Boeing doubling its orders for aircraft, allowing transportation equipment to soar 18.4%, its third increase in four months. Of course, that’s great news, but such a large advance means the headline isn’t reflective of broad-based increases.
Still, looking over the past three months, orders for durable goods have now advanced 9.6%, providing a sharply focused picture of an economy on the rebound. There is still a long way to go though â€
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