US Durable Goods Orders + 6.5% in June
Orders for long-lasting US$, aka Durable Goods, factory goods posted the biggest gainer in almost 3 years last month, pulled up by a surge in demand for civilian aircraft.
The Commerce Department said Thursday that orders for durable goods, which are meant to last at least 3 years, rose 6.5% in June, reversing 2 straight monthly falls. The June increase was the biggest since July 2014.
Spending on durable goods accounts for a small part of American economic output. But changes in durable goods orders often signal where the economy is headed.
So forecasters, analysts and investors watch the report closely.
The uptick in orders is good news for the US economy and for American manufacturers.
The bulk of the increase came from a 131.2% spike in orders for civilian aircraft, a category that is volatile.
Excluding orders transportation equipment, which rose 19% overall, durable goods orders edged up just 0.2% last month.
Moreover, a number that is seen as a harbinger of future business investment, orders for capital goods, excluding military equipment and aircraft, slipped 0.1% in June.
US industry has rebounded from a slump in late Y 2015 and early Y 2016, which was caused by cutbacks in the energy business.
The Institute for Supply Management (ISM), a trade group of purchasing managers, said that its manufacturing index rose last month to the highest level since August 2014.
Thursday, the US major stock market indexes finished at: DJIA +85.54 at 21796.55, NAS Comp -40.56 at 6382.15, S&P 500 -2.41 at 2475.38
Volume: Trade on the NYSE came in at: 927-M/shares exchanged hands
- NAS Comp +18.6% YTD
- S&P 500 +10.6% YTD
- DJIA +10.3% YTD
- Russell 2000 +5.6% YTD
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