July Durable Goods Orders Come In Way Below Expectations

08-25-2010 • Businessinsider.com/

The numbers: July durable goods orders came in at 0.3%, which is WAY below the 3.0% that analysts were expecting. Excluding autos, durable goods orders actually SHRANK 3.8%, while analysts were looking for small growth. That's a horrible. Markets are weakening further on the news, though they haven't collapsed yet. All the major indices are off less than 1% still. The full report can be found here. Here's the summary paragraph New orders for manufactured durable goods in July increased $0.6 billion or 0.3 percent to $193.0 billion, the U.S. Census Bureau announced today. This increase followed two consecutive monthly decreases including a 0.1 percent June decrease. Excluding transportation, new orders decreased 3.8 percent. Excluding defense, new orders increased 0.3 percent. Transportation equipment, also up following two consecutive monthly decreases, had the largest increase, $6.1 billion or 13.1 percent to $52.6 billion. This was due to nondefense aircraft and parts, which increased $4.0 billion.