U.S. July factory orders up 1.3% as expected -
Thursday, September 2, 2004 4:47:52 PM
afxpress.com
WASHINGTON (AFX) - Orders for U.S.-made factory goods rose 1.3 percent in July, boosted by orders for new civilian aircraft, the Commerce Department estimated Thursday
[can someone please tell me why civilian aircraft orders keep rising? mish]
The increase was in line with expectations. Economists were forecasting factory orders to rise 1.2 percent, according to a survey conducted by CBS MarketWatch. Factory shipments increased 0.6 percent, unfilled orders rose 1.2 percent and inventories increased 0.8 percent. June's orders were revised higher to 1.2 percent from 0.7 percent previously. Orders are up 10.7 percent year-to-date
In separate reports, the Labor Department said first-time claims jumped by 19,000 last week to 362,000, in part because of Hurricane Charley. The Labor Department also revised down its estimate of second-quarter productivity to 2.5 percent from 2.9 percent. Unit labor costs were revised lower as well. The factory orders report indicates patches of strength and weakness in the factory sector. Total orders increased smartly in June and July primarily because of the leadership of one sector: Aircraft in July and defense goods in June. All of July's increase was accounted for by the 101.3 percent increase in orders for civilian airplanes. Excluding civilian aircraft, factory orders fell 0.4 percent. Excluding all transportation goods, factory orders increased 0.5 percent. Orders for durable goods in July were revised slightly lower to 1.6 percent from last week's preliminary estimate of 1.7 percent. Shipments of durable goods increased 0.2 percent in July
Orders for core capital goods - excluding defense goods and civilian aircraft - increased 0.7 percent on strength in machinery, communications equipment and electrical equipment
Orders for nondurable goods increased 1 percent in July. Shipments of nondurable goods increased 1 percent, with the increase more than accounted for by the 6.8 percent increase in petroleum products |
