US Durable Goods Orders Climbed 6.5 Percent In June

A 131% surge in civilian aircraft orders in June pushed total orders for US manufactured goods to a three-year high which could bode well for second quarter growth

A 131% surge in civilian aircraft orders in June pushed total orders for US manufactured goods to a three-year high which could bode well for second quarter growth

The monthly gain in durable goods orders was more than enough to reverse the consecutive declines of the prior two months and was also more than twice the gain expected by analysts.

Reflecting a sharp jump in orders for transportation equipment, the Commerce Department released a report on Thursday showing a substantial increase in new orders for U.S. manufactured durable goods in the month of June.

The increase came after aircraft giant Boeing's unusually good outing at the Paris air show in June, when the company booked sales for 571 new aircraft amounting to US$74.8 billion.

While the increase in June durable goods orders was driven by the highly volatile transportation sector, it was added to significant upward revisions in May in several sectors.

Civilian aircraft, which see major swings from month to month, surged 131.2 per cent in June. Non-defence capital goods orders, excluding aircraft, which is a key underlying indicator of capital spending fell 0.1% on the month, although there was a revised 0.9% gain for May which gave a 2.8% annual increase.

The capital goods sector jumped 19 per cent, another three-year high, but this also was driven entirely by aircraft. Computers and electronic parts also fell 0.3 per cent.

June May Apr New Orders 6.5 -0.1 -0.8 Ex-Transportation 0.2 0.6 -0.4 Ex-Defense 6.7 0.4 -0.8 Manufacturing with unfilled orders 9.2 -0.7 -1.1 Primary Metals 0.1 -0.1 0.2 Gen. Machinery 0.2 2.3 -0.3 Computers/Electronics -0.3 -0.3 1.0 Computer/related -0.2 -2.4 4.2 Communications 1.6 -3.4 3.6 Electrical/appliances -1.7 0.9 -2.2 Transp.

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