New orders for manufactured durable goods in July increased $23.2 billion or 11.2% to $230.7 billion, the U.S. Census Bureau announced today.
This increase, up three consecutive months, followed a 7.7% June increase. Excluding transportation, new orders increased 2.4%. Excluding defense, new orders increased 9.9%. Transportation equipment, also up three consecutive months, led the increase, $19.6 billion or 35.6% to $74.7 billion.
Durable Goods sector is the portion of the economy that provides products that have a utility over long periods of time before needing repurchases – like cars, refrigerators, and planes.