Durable Goods Orders Choked by Decline in Transportation Equipment
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Markets are trading slightly higher early on Thursday despite a much larger than expected drop in Durable Goods orders in August. The report from the U.S. Census Bureau showed a decline of 30.1 billion or 13.2% versus an expected drop of 5%. The decrease was the first drop in three months and the largest drop since January of 2009.
The contraction was triggered by a large decline in transportation equipment, which fell 34.9 percent. Excluding transportation, new orders decreased 1.6 percent.
The report showed shipments of equipment fell 3 percent. Unfilled orders declined by 1.7 percent. And inventories of manufactured goods rose again by 0.60 percent to $371.6 billion. This is the highest level since the series was first published in 1992.
The contraction was triggered by a large decline in transportation equipment, which fell 34.9 percent. Excluding transportation, new orders decreased 1.6 percent.
The report showed shipments of equipment fell 3 percent. Unfilled orders declined by 1.7 percent. And inventories of manufactured goods rose again by 0.60 percent to $371.6 billion. This is the highest level since the series was first published in 1992.
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