Economic Data Roundup (08/25/2016)

8/25/16 12:00 PM

iStock_000009946822_Small.jpgThe only noteworthy data on the domestic economy released this morning is a report from the Census Bureau which showed that new orders for U.S.-manufactured durable goods (items meant to last at least three years) surged by $9.7 billion (4.4 percent) in July to $228.9 billion. This was significantly better than economists had expected, the first sequential increase in three months, and the largest gain since October of last year. Core durable goods orders, which exclude the volatile transportation component, also lifted in July (+1.5 percent) but have still fallen on a year-over-year basis for nineteen consecutive months, a pattern rarely seen outside of a recession. Orders for nondefense capital goods excluding aircraft, i.e. core capital expenditures, rose by 1.6 percent in July, the second monthly improvement in a row and an encouraging sign that the decline in business investment is slowly starting to wane. However, core capital expenditures on a year-over-year basis were still down 4.9 percent in July, and shipments of core capital goods, which are used in the government's calculation of U.S. gross domestic product (GDP), fell 0.4 percent.

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Sources: Econoday, Twitter, Bloomberg, ZH, U.S. Census Bureau, FRBSL

Post author: Charles Couch