US Durable Goods Orders Witness Sharpest Drop
(MENAFN) Requests for new durable items in the United States slumped by 9.3% in June, compared to the prior month—marking the most substantial dip in more than five years, based on figures published Friday by the Census Bureau.
Fresh demands for long-lasting manufactured products, which reflect changes in the worth of fresh purchase agreements placed with producers, dropped by $32.1 billion, settling at $311.8 billion.
This downturn erased a previously adjusted 16.5% increase recorded in May, and came in under projections, which had anticipated a 10.4% decrease for June.
The primary contributor to the slump was transportation equipment, which plunged by 22.4%, with nondefense aircraft and parts seeing a sharp decline of -51.8%.
Significant drops were also observed in capital equipment (-22.2%) and nondefense capital goods (-22%).
When excluding military-related orders, new orders saw a 9.4% decline month-over-month in June.
Conversely, when transportation orders were excluded, the data showed a modest 0.2% increase over the month.
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