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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.

For more information on this key economic release be sure to get over to ActionAlertsPLUS.com, where the team is breaking down the report in detail and providing key takeaways you need to know to properly position for the current market environment!