Aircraft drive durable goods orders
July 26, 2012
While most of the latest indicators point to a slowing of the manufacturing sector, a glimmer of hope for continued growth came from the Census Bureau in the form of increased orders for manufactured durable goods. Durable goods orders in June were 1.6% higher than May, which itself was 1.6% higher than April.
OK, that’s the good news. The bad news? Transportation equipment — and aircraft orders in particular — is completely responsible for June’s growth. Overall, transportation equipment orders were up 8%, and sharp increases in both defense and civilian aircraft and aircraft parts sales are responsible. Excluding transportation, new orders decreased 1.1%. Include transportation by exclude defense, and new orders decreased 0.7%.
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