Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/ea4153770f9e2d0b74571848d4bea55e.jpg)
June Durable Goods Surprise to the Upside Again
Written by David Schollaert
July 29, 2022
New orders for US manufactured durable goods rose unexpectedly in June after a surprising increase the month prior. June’s gain was boosted by a surge in defense aircraft as well as a sustained demand for equipment.
Last month’s bookings for durable goods were up 1.9% following a 0.8% gain a month earlier, according to the Commerce Department. Figures are not adjusted for inflation.
Orders for fighter jets and other military planes jumped 81%, countering a 2.1% decline in commercial airplanes.
The value of core capital goods orders – a proxy for investment in equipment that excludes aircraft and non-defense capital goods – expanded by 0.5% for a second straight month in June. Those orders were up 10.5% year-on-year (YoY) last month.
Core capital goods shipments, a figure that is used to help calculate equipment investment in the government’s gross domestic product report, rose 0.7% in June following a 1.0% gain the prior month.
The broad-based gain in durable goods included strong booking for motor vehicles, computers and electronic products, and fabricated metals. But orders for primary metals, machinery, and communications equipment fell.
The report also indicated that unfilled orders for all durable goods rose 0.7%. Inventories increased 0.4%.
Click here more detail on the June advance report from the US Census Bureau on durable goods manufacturers’ shipments, inventories, and orders. See also Figure 1 below.
Revised and Recently Benchmarked May Data
Revised seasonally adjusted May figures for all manufacturing industries were: new orders, $544.4 billion (revised from $543.4 billion); shipments, $545.7 billion (revised from $544.4 billion); unfilled orders, $1,109.7 billion (revised from $1,110.0 billion) and total inventories, $798.3 billion (revised from $797.9 billion).
By David Schollaert, David@SteelMarketUpdate.com
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/02/SMU_DS_headshot.png-150x150.jpg)
David Schollaert
Read more from David SchollaertLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/12/empire_state_1-scaled.jpg)
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.