US Aug durable goods orders down 4.9 pct, ex-transportation down 1.8 pct

BY

New orders for durable goods in the US dropped 4.9 pct in August and were off 1.8 pct excluding transportation goods. The August report showed a broad retreat across industries from the surprisingly widespread and strong 6.1 pct order increase in July.

Economists were forecasting a 3.1 pct drop in the headline number and a 1.2 pct decline ex-transportation. The orders numbers are volatile from month to month and a big increase like July s is usually followed by a big decline.

The August headline and ex-transportation declines were the largest since orders fell 6.1 pct and 3.1 pct respectively in January.

Transportation equipment orders fell 11.2 pct overall last month. Boeing orders were a major swing factor, down to 75 planes from 149 in July, leaving a 41.0 pct plunge in the value of civilian aircraft orders.

Autos were also weak. New orders for vehicles fell 6.2 pct after rising 10.5 pct in July. Automakers had been building a backlog of cars in anticipation of a possible strike.
Ex-defense, August new durables orders were down 5.9 pct. July s orders included a big spike in defense communications spending. In August the spike was a 43 pct increase in orders for military aircraft.

So-called core capital goods orders, non-defense and ex-aircraft, were down 0.7 pct last month. The declines came in the same industries which had shown strength in July: machinery -5.0 pct, primary metals -2.9 pct, and computers and electronics -2.1 pct. Only the electrical equipment category showed an increase last month, at +2.9 pct.

August shipments dropped 1.6 pct, unfilled orders rose 1.2 pct and inventories were basically flat again, off 0.1 pct.

Amigo

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kwy

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