Economy
Durable Goods Orders Drop in July
Written by Becca Moczygemba
August 24, 2023
After four months of increases, new orders for durable goods in the US dropped in July.
The US Census Bureau announced on Aug. 24 that following a 4.4% increase in June, orders for manufactured durable goods fell by 5.2%, or by $15.5 billion, to $285.9 billion in July.
When excluding transportation, new orders increased by 0.5%, said the Bureau. Transportation includes non-steel-intensive items such as aircrafts. And excluding defense, new orders fell by 5.4%.
Transportation was the largest contributor to the decrease, dropping 14.3% to $98.7 billion.
New orders for primary metals increased by 0.1% to a seasonally adjusted $26.98 billion in July from June’s $26.94 billion. Fabricated metal products orders rose 0.7% month-on-month from $35.6 billion to $35.9 billion.
Click here for more detail on the July advance report from the US Census Bureau on durable goods manufacturers’ shipments, inventories, and orders. See also Figure 1 below.
Becca Moczygemba
Read more from Becca MoczygembaLatest in Economy
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.
Architecture firms struggle through April
For the third month in a row, architecture firms reported a reduction in billings through April, according to the latest Architecture Billings Index release.