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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Paul Kern	8/24/2006 8:36:44 AM
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=DJ DATA SNAP: Durable Goods Orders Below Expectations ==================================================================== Jul Durable Goods Orders: Jul Jun ! Consensus: ! Total Orders: -2.4% +3.5%r ! -1.0% ! Ex-Transportation: +0.5% +2.2%r ! Actual: ! Ex-Defense: -1.9% +1.8%r ! -2.4% ! ==================================================================== By Jeff Bater Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Demand for durable goods pulled back more than expected in July after a strong gain the month before as orders fell for cars, civilian aircraft and electrical equipment. Durable-goods orders decreased by 2.4% last month to a seasonally adjusted $211.99 billion, the Commerce Department said Thursday. Durables had gone up by 3.5% in June, revised from a previously estimated 2.9% increase. A key barometer of business spending - orders for non-defense capital goods excluding aircraft - increased by 1.5%, after rising by 1.4% in June. The 2.4% tumble in overall orders surpassed Wall Street expectations. The median estimate of 23 economists surveyed by Dow Jones Newswires had durable goods falling by 1.0% during July. The drop was only the second in six months. A report earlier in the month showed the manufacturing sector continues expanding. The Institute for Supply Management said its index of manufacturing activity moved to 54.7 in July from 53.8 in June. Any reading above 50 suggests the sector is growing. Production increased last month after new orders swung up in June. Commerce's durables data Thursday showed transportation orders decreased 9.6% in July, after increasing 7.1% in June. Orders for commercial planes dropped 10.0%, while military aircraft orders increased 9.0%. Motor vehicles and parts fell by 7.0% last month, the largest drop in that category since 8.5% in July 2004. Orders for everything but transportation goods increased 0.5%, after a 2.2% climb in June. Demand advanced last month by 1.9% for machinery, 4.6% for computers and electronics and 1.2% for primary metals. Orders dropped last month by 6.2% for fabricated metals and 0.7% for electrical equipment. Capital goods orders decreased by 1.7% last month after climbing in June by 6.5%. Non-defense capital goods - items meant to last 10 years or longer - rose 0.2% in July. Defense-related capital goods orders decreased by 15.1%, after rising 51.8% in June. Orders for everything except defense goods decreased 1.9% last month, after rising by 1.8% in June. Durable-goods inventories of manufacturers increased 1.0% last month. Unfilled orders rose 1.4%, and shipments decreased 1.3%. -By Jeff Bater, Dow Jones Newswires; 202-862-6616; jeff.bater@dowjones.com (END) Dow Jones Newswires 08-24-06 0830ET Copyright (c) 2006 Dow Jones & Company, Inc.

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