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US durable goods orders slip 2.4 percent
WASHINGTON - Orders for durable goods, big-ticket manufactured items, fell 2.4 percent in July as weakness in the airline and auto sectors offset strength elsewhere, the Commerce Department said on Thursday.
The drop was the sharpest since April and was much weaker than the 0.8 percent decline expected on Wall Street.
The report showed that orders outside the transport sector gained 0.5 percent in July.
Civilian aircraft orders fell 10 percent and motor vehicle orders fell seven percent.
A big factor in the airline sector was a decline in orders at Boeing Co. after a blow-out month in June. But year-to-date civilian aircraft orders are up almost 30 percent.
Cutbacks at Ford Motor Co. and General Motors might be due to seasonal factory closings or to longer-term restructurings, and are likely to prove temporary as sales incentives cause orders to ramp up.
The Commerce Department revised up its estimate of orders for June to show a 3.5 percent rise instead of a 2.9 percent gain.
Over the past 12 months, durable goods orders are up 9.3 percent.
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