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Source: Agencies |
September 29, 2011, Thursday
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NEW orders for long-lasting US manufactured goods slipped in August on weak demand for motor vehicles, according to government data yesterday, but a rebound in a gauge of business spending supported views the US economy could avoid another recession.
The Commerce Department said yesterday durable goods orders dipped 0.1 percent after a 4.1 percent jump in July.
Orders were held back by an 8.5 percent drop in bookings for motor vehicles - the largest decline since February last year. The drop came despite a 23.5 percent rise in orders for civilian aircraft last month.
Boeing said it received 127 orders for aircraft, up from 115 in July. Delta Airlines placed an order for 100.
Orders excluding transportation slipped 0.1 percent after rising 0.7 percent in July. Economists had expected this category to remain unchanged.
But non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, increased 1.1 percent last month after a 0.2 percent fall in July.
This suggested that businesses, sitting on about US$2 trillion in cash, have not responded to recent financial market volatility by curtailing spending on capital goods.
Economists had expected a 0.3 percent rise after a previously reported 0.9 percent decline in July.
Manufacturing, which has done the heavy lifting for the fragile economy recovery, has slowed in recent months, but last month's durable goods report pointed to underlying resilience and offered hope that a another downturn might be avoided.
Other than transportation and primary metals, which fell 0.8 percent, durable goods were relatively strong. Orders for machinery edged up 0.1 percent, while computers and electronic products rose 1.3 percent. Demand for capital goods increased 4.2 percent and electrical equipment and appliances rose 1.3 percent.
Shipments of non-defense capital goods orders excluding aircraft, which go into the calculation of gross domestic product, increased 2.8 percent after rising 0.4 percent in July.
The Commerce Department said yesterday durable goods orders dipped 0.1 percent after a 4.1 percent jump in July.
Orders were held back by an 8.5 percent drop in bookings for motor vehicles - the largest decline since February last year. The drop came despite a 23.5 percent rise in orders for civilian aircraft last month.
Boeing said it received 127 orders for aircraft, up from 115 in July. Delta Airlines placed an order for 100.
Orders excluding transportation slipped 0.1 percent after rising 0.7 percent in July. Economists had expected this category to remain unchanged.
But non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, increased 1.1 percent last month after a 0.2 percent fall in July.
This suggested that businesses, sitting on about US$2 trillion in cash, have not responded to recent financial market volatility by curtailing spending on capital goods.
Economists had expected a 0.3 percent rise after a previously reported 0.9 percent decline in July.
Manufacturing, which has done the heavy lifting for the fragile economy recovery, has slowed in recent months, but last month's durable goods report pointed to underlying resilience and offered hope that a another downturn might be avoided.
Other than transportation and primary metals, which fell 0.8 percent, durable goods were relatively strong. Orders for machinery edged up 0.1 percent, while computers and electronic products rose 1.3 percent. Demand for capital goods increased 4.2 percent and electrical equipment and appliances rose 1.3 percent.
Shipments of non-defense capital goods orders excluding aircraft, which go into the calculation of gross domestic product, increased 2.8 percent after rising 0.4 percent in July.
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