Last month's number was revised to -0.4%.
A majority of the growth came from civilian aircraft and auto which led to a 4% gain for durable goods last week.
New orders for manufactured goods in July, up two of the last three months, increased $10.5 billion or 2.4 percent to $453.2 billion, the U.S. Census Bureau reported today. This followed a 0.4 percent June decrease. Excluding transportation, new orders
increased 0.9 percent. Shipments, up two consecutive months, increased $7.1 billion or 1.6 percent to $453.2 billion. This followed a 0.6 percent June increase.
Unfilled orders, up fifteen of the last sixteen months, increased $6.9 billion or 0.8 percent to $870.4 billion. This followed a 0.3 percent June increase. The unfilled orders-to-shipments ratio was 6.02, down from 6.05 in June.
Inventories, up twenty one of the last twenty two months, increased $2.9 billion or 0.5 percent to $598.0 billion. This was at the highest level since the series was first published on a NAICS basis in 1992 and followed a 0.4 percent June increase. The inventories-to-shipments ratio was 1.32, down from 1.33 in June.
Expectations: A IFR survey expected 1.9% increase in factory orders for July, up from -0.8% in June.
Non-durable goods are expected to increase 0.2%. Durable goods, announced last week, increased 4.0% thanks to a big contribution from civilian airplanes and autos, with ex-transportation orders up 0.7%.
IFR notes: "August factory sentiment surveys have been weak so far, with only the Kansas City reading (+3) showing any sort of growth. Still, the real activity readings have been a bit more resilient than the surveys, so with orders growth continuing to trend upward, manufacturing may be able to dodge a significant contraction during the current soft patch.""
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