US durable goods surge in July
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Manufacturing News, Source : TheManufacturer.com
Published : 28 Aug 2002 20:38
In the largest increase since October 2001, manufacturers’ new orders climbed 8.7% in July to a seasonally adjusted $179.7 billion, after a 4.5% drop in June, according to the latest Census Bureau’s advance report on durable goods. When people wrote off the manufacturing sector 30 days ago, that was premature, said Jim Meli, Eaton Corporation’s chief economist. It is a slow, steady recovery, he said.
With the exception of transportation, new orders increased 3.9%, and in the largest increase on record, new orders, excluding defense, increased 7.3%. However, July 2002 new orders are 1.9% lower than in July 2001. In a consistent decline for 18 months, inventories of manufactured durable goods decreased 0.4% to $264.5 billion, following a 0.3% decrease in June.
Despite August’s increase in new orders, New York’s Conference Board said its August consumer confidence index fell for the third straight month to 93.5, the lowest level since November 2001.
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