Market Updates
Aircraft and Transportation Orders Drive Durable Goods Orders Higher
Brian Turner
27 Jul, 2023
New York City
Durable goods orders rose 4.7% in June from the previous month, the fastest pace of increase since July 2020, the U.S. Census Bureau reported Thursday.
New Orders
New orders for durable goods for May were revised higher to an increase of 2.0%.
Orders rose for the fourth month in a row and transportation orders soared 12.1% after non-defense aircraft and parts orders jumped 69.4%.
Orders excluding transportation rose 0.6%, excluding defense jumped 6..2%.
Shipments
Shipments of durable goods rose 0.3% to $284.2 billion, increased three of the last four months, following a 2% increase in May.
Capital Goods
Non-defense new orders for capital goods increased 16.9% to $106.6 billion and shipments rose 0.1% to $83.4 billion.
Orders for non-defense capital goods excluding aircraft, a closely watched barometer for business spending plans, increased 0.2% after a downwardly revised 0.5% in May.
Defense new orders for capital goods fell 22% to $12.2 billion in June but shipments increased 2.9% to $13.6 billion.
The reports on durable goods orders and GDP provided yet another signal that the U.S economy is resilient despite multiple rate hikes.
Rates have risen by 500 basis points and the U.S. economy is still growing at above 2% annual rate, supporting the case that the Fed has more flexibility in pausing rates and may be able to cool inflation further without dipping the economy into a recession.
Annual Returns
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Earnings
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