Durable goods orders dropped in June
Posted on July 27th, 2010
WASHINGTON, July 28 (UPI) — The U.S. Commerce Department said new orders for durable goods dropped 1 percent in June, following a 1.1 percent drop in the previous month.
In May, excluding volatile transportation orders, the durable goods figure rose. In June, however, the figure fell even without planes, trains and automobiles figured in, dropping 0.6 percent, which shows manufacturing has become sluggish overall.
Overall, new orders dropped to $190.5 billion, off $1.5 billion from the previous month – less than the $2.2 billion drop from April to May.
Economists had predicted a 1 percent month-to-month increase in June, which implies the stock market will make a quick adjustment Wednesday, as the drop was not anticipated. In midmorning trading, the three big boards on Wall Street – the Dow Jones industrial average, the Standard & Poor’s 500 and the Nasdaq index – were all headed lower.
Shipments of durable goods dropped 0.3 percent to $195 billion, with shipments of computers and electronic products down four of the past five months.
Durable goods inventories rose for the sixth consecutive month, climbing 0.9 percent over May to $308.2 billion.
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Tags: Durable Goods, June
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