Orders for U.S. Durable Goods Fell More Than Forecast: A Decrease of - 7.3 Percent -
Sales of newly built homes declined 13.4 percent
"still not incredibly strong domestic demand conditions,”
By Michelle Jamrisko - Aug 26, 2013 8:40 AM ETOrders for U.S. durable goods fell more than forecast in July after three months of increases, indicating manufacturing will be slow to strengthen.
Bookings (DGNOCHNG) for goods meant to last at least three years decreased 7.3 percent, the most since August 2012, after a 3.9 percent gain in June, the Commerce Department said today in Washington. The median forecast of economists surveyed by Bloomberg called for a 4 percent drop. Orders waned for aircraft and capital goods such as computers and electrical equipment.
The figures reflect “a pretty soft global demand environment and still not incredibly strong domestic demand conditions,” Sean Incremona, a senior economist at 4Cast Inc. in New York, said before the report. “I think we’ll probably continue to see this modest growth path through the end of the year with headwinds abating next year.”