United States Durable Goods Orders

New orders for manufactured durable goods in the US slumped 6.6% month-over-month in June 2024, after four consecutive monthly increases and missing market expectations of a 0.3% increase. Transportation equipment drove the decrease, down by 20.5%, namely orders of motor vehicles and parts (-0.1%), nondefense aircraft and parts (-127.2%) and defense aircraft and parts (-10%). Orders also fell for capital goods (-18.4%), primary metals (-0.1%), and computers and related products (-1.1%). On the other hand, orders rose for fabricated metal products (0.2%), machinery (1.6%), communications equipment (3.5%), and electrical equipment, appliances, and component (1.3%). Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose by 1% in June, after a 0.9% fall in the prior month and better than market forecasts of a 0.2% increase. Excluding transportation, new orders increased 0.5%. Excluding defense, new orders decreased 7.0%.