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Economy in Brief

U.S. Durable Goods Orders Buoyed by Aircraft
by Tom Moeller  July 26, 2012

New orders for durable goods jumped another 1.6% last month following a similar May increase (initially reported as 1.1%). The Consensus forecast was for a 0.5% June rise. Resurgent orders for aircraft & parts accounted for much of last month's gain with a 17.2% jump (21.8% y/y). Less the transportation sector altogether, durable goods orders fell 1.1% last month. The y/y gain slowed to 3.1% from its 8.6% rise last year and 2010's increase of 18.0%.

In most industry categories orders were weak. Computers & electronic products orders dropped 4.9% (-2.3% y/y). Machinery orders fell 1.1% (-2.9% y/y) and electrical equipment orders were off 0.7% (+1.4% y/y). Primary metals bookings rose 0.9% (16.8% y/y).

Shipments of durable goods rose merely 0.1% (8.6% y/y) and less transportation they increased 0.5% (6.2% y/y). Unfilled orders for durable goods moved 0.4% higher (8.2% y/y) while inventories rose 0.3% (5.6% y/y). 

The durable goods figures are available in Haver's USECON database. The Action Economics consensus forecast figure is in the AS1REPNA database.

Durable Goods NAICS Classification Jun May Apr Y/Y 2011 2010 2009
New Orders 1.6 1.6 -0.3 8.0 9.8 27.1 -30.0
  Nondefense Capital Goods 1.2 2.7 -0.9 3.2 13.2 36.3 -36.9
    Excluding Aircraft -1.4 2.7 -1.5 0.1 10.3 17.1 -24.5
Shipments 0.1 1.2 0.7 8.6 9.6 11.4 -21.0
Inventories 0.3 0.4 0.3 5.6 10.3 9.5 -10.2
Unfilled Orders 0.4 0.0 -0.1 8.2 10.3 9.6 -19.5
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