U.S. Durable Goods Orders Snap 4-Month Growth Streak but Core Orders Edge Higher
2022.08.24 16:10
By Geoffrey Smith
Investing.com — U.S. durable goods orders were unchanged in July, breaking a four-month growth sequence but without appearing to break the underlying growth trend.
The Census Bureau said orders excluding volatile and ‘lumpy’ sectors such as transportation and defense both rose on the month, rising 0.3% after transportation was excluded and 1.2% excluding defense goods. Overall goods shipments rose 0.4%.
The pipeline for U.S. factories also continued to look solid, as unfilled orders for durable goods rose 0.7% to $1.127 trillion. That was their 23rd straight monthly rise.
The figures may allay some of the fears about a slowing economy generated by this month’s regional business surveys from S&P Global and the New York Federal Reserve, whose Empire State Manufacturing Index slumped. The durables numbers are more in line with the Philadelphia Fed’s business survey, which showed continued expansion in manufacturing, albeit at a slightly slower pace than earlier this year.
