BUSINESS
Durable goods orders are a leading indicator of manufacturing, a sector which is leading the United States' economy to recovery.
New orders for long-lasting US manufactured goods fell more than expected in August to post their largest decline in a year as bookings for aircraft and motor vehicles tumbled, but business spending rebounded strongly, a government report showed on Friday.
The commerce department said durable goods orders dropped 1.3% after a revised 0.7% increase in July. Markets had expected orders to fall 1.0% from a previously reported 0.4% gain.
The decline last month reflected a 40.2% plunge in non-defense aircraft orders after a 69.1% surge in July.
Boeing Co received only 10 orders for civilian aircraft in August, a sharp slowdown from 130 bookings in July, according to information posted on the plane maker's website. Orders were also weighed down by bookings for defense aircraft, which fell 2.7%, and a 4.4% drop in motor vehicle orders.
Excluding transportation, orders rose by a more-than-expected 2.0% after falling by a revised 2.8% in July, previously reported as a 3.7% fall. It was the largest rise since March.
Markets had expected a 1.0% rise in orders excluding transportation.
Durable goods orders are a leading indicator of manufacturing, a sector which is leading the economy's recovery from the longest and deepest recession since the Great Depression as businesses replenish inventories.
But manufacturing is slowing as domestic demand remains tepid, with households grappling with high unemployment and falling wealth.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, rebounded 4.1% in August after a 5.3% drop in July. Markets had expected a 2.0% rise.
Durable goods inventories rose 0.4% after increasing 0.6% in July. Shipments, which go into the calculation of gross domestic product, declined 1.5% last month, while unfilled orders dropped for a second straight month.
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