Transportation led the 2.1% growth, but other orders declined.
The numbers: . It is the second straight monthly gain. Economists expected a 0.9% gain according to the MarketWatch survey.The gain in orders was led by transportation, a 47.8% surge in aircraft and parts that is mainly Boeing BA, +0.85% orders. Excluding that sector, orders fell 0.4%, the biggest drop since March.
A key metric, orders for non-defense capital goods, rose 0.4% in July, but a gain in the prior month was revised down to a 0.9% gain from the prior estimate of 1.5% rise. Orders in this sector are now down 0.3% from a year ago.Orders for machinery, primary metals and fabricated metals also declined. Big picture: The U.S. manufacturing sector is in a technical recession, struggling with trade tension, global weakness and the strong dollar. Economists think capital goods orders are likely to be weak in the third quarter.
What are they saying? “No bottom yet for core orders,” said Ian Sheperdson, chief economist at Pantheon Macroeconomics.- nondefense aircraft orders +48% Durable goods orders+0.7% y/y while core -0.3% y/y: first decline since 2016— Gregory Daco August 26, 2019 Market reaction: The market is ignoring the durable goods orders and focusing on trade headlines. Stock index futures were higher as President Donald Trump said China wants to return to the negotiating table.
Greg Robb Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.
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