Much of the increase was for transportation equipment
The U.S. Commerce Department reported today that durable goods orders increased only 0.3 percent in July, the first increase in durable goods orders in three months but less than what many economists had expected. Much of the increase was due to stronger demand for airplanes.
Excluding a 13.1% gain for transportation equipment, durable orders fell 3.8% in July, the biggest drop since January 2009.
The government reported that orders in June fell an upwardly revised 0.1%, less than the prior estimate of a 1.2% drop.
Orders for machinery fell 15%.
Orders for fabricated metals fell 1.0% while orders for primary metals rose 0.7%.
Orders for electrical equipment fell 5.9%.