The Commerce Department reported Wednesday morning that the preliminary reading for new orders for manufactured durable goods increased 11.2% in July to $230.7%, exceeding expectations for a 4.65% advance. New orders for durable goods are down 12.1% from the same time last year on an unadjusted, year-to-date basis.
Excluding transportation equipment, such as airplanes and automobiles, new orders were up 2.4% in July, above expectations for a 2.0% increase. Excluding defense, new orders advanced 9.9% last month.
Shipments for manufactured durable goods increased 7.3% in July, Unfilled orders decreased 0.8% in July and inventories fell 0.5% last month.
With May's readings, on an unadjusted year-to-date basis, shipments are down 10.7%, unfilled orders are down 4.8%, and total inventories have grown by 2.5% from the same period last year.
New orders for non-defense capital goods, excluding aircraft (core capital goods), increased 1.9% in July while shipments of core capital goods advanced 2.4% in the month.
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