Durable Goods Orders Beat Expectations
August 24, 2011 by UPI - United Press International, Inc.
WASHINGTON, Aug. 24 (UPI) — U.S. durable goods orders jumped 4 percent in July, covering economists’ expectations and then some, the Commerce Department said Wednesday.
Economists expected new orders for goods that last three years or more to rise 2.1 percent. However, commerce said orders rose by $7.7 billion for all categories of durable goods to $201.5 billion and by $6.7 billion or 14.6 percent to $53 billion in the transportation category alone.
The bump in transportation was expected based on the recently announced a 100-plane AMR Corp order placed with aircraft maker Boeing.
The enormous order bumped non-defense aircraft orders up 43.4 percent after a drop of 24 percent the previous month.
Non-defense aircraft orders rose by $3.2 billion.
In July, core durable goods orders — the figures with transportation excluded — rose 0.7 percent, still better than economists’ expectations, which called for a drop of 0.2 percent.