2021.08.2513:33:00UTC+00U.S. Durable Goods Orders Edge Down Less Than Expected In July

The Commerce Department released a report on Wednesday showing a modest decrease in new orders for U.S. manufactured durable goods in the month of July.

The report said durable goods orders edged down by 0.1 percent in July following a 0.8 percent increase in June. Economists had expected orders to decrease by 0.3 percent.

The dip in durable goods orders came as orders for transportation equipment tumbled by 2.2 percent in July after jumping by 1.4 percent in the previous month.

Orders for non-defense aircraft and parts led the way lower, plummeting by 48.9 percent in July after surging by 4.7 percent in June.

Excluding the drop in orders for transportation equipment, durable goods orders climbed by 0.7 percent in July after rising by 0.6 percent in June. Ex-transportation orders were expected to increase by 0.5 percent.

Notable increases in orders for primary metals and machinery were partly offset by a slump in orders for electrical equipment, appliances and components.

The report said new orders for non-defense capital goods excluding aircraft, a closely watched indicator of business spending, came in unchanged in July after jumping by 1.0 percent in June.