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Financial News: U.S. Durable Goods Orders Extend Substantial Rebound In

U.S. Durable Goods Orders Extend Substantial Rebound In June

07/27/2020 - 09:30:00 (RTTNews)

(RTTNews) - Following the substantial rebound in new orders for U.S. manufactured durable goods reported for the previous month, the Commerce Department released a report on Monday showing durable goods orders continued to move sharply higher in the month of June. The Commerce Department said durable goods orders surged up by 7.3 percent in June after skyrocketing by a downwardly revised 15.1 percent in May. The continued increase comes following the nosedive seen in March and April.

Economists had expected durable goods orders to leap by 7.2 percent compared to the 15.7 percent jump that had been reported for the previous month.

Orders for transportation equipment helped to lead the way higher once again, spiking by 20.0 percent in June after soaring by 78.9 percent in May.

The report said orders for motor vehicles and parts skyrocketed by 85.7 percent, more than offsetting a sharp pullback in orders for aircraft and parts.

Excluding the substantial increase in orders for transportation equipment, durable goods orders still jumped by 3.3 percent in June after shooting up by 3.6 percent in May. Ex-transportation orders were expected to surge up by 3.5 percent.

Orders for fabricated metals products, primary metals and machinery moved significantly higher, contributing to the spike in ex-transportation orders.

The Commerce Department also said orders for non-defense capital goods excluding aircraft, a reading no business spending, shot up by 3.3 percent in June after climbing by 1.6 percent in May.

"The more modest 3.3% rise in core capital goods orders indicates that businesses are still hesitant as they navigate the highly uncertain economic environment," said Oren Klachkin, Lead U.S. Economist at Oxford Economics.

He added, "While core shipments - our preferred business equipment investment gauge - rose a buoyant 3.4%, they are still roughly 3% below their February level."

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