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U.S. durable goods orders edge down in August amid slowing economy

WASHINGTON
2022-09-28 13:33

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WASHINGTON, Sept. 27 (Xinhua) -- New orders for manufactured durable goods in August fell slightly by 0.2 percent to 272.7 billion U.S. dollars, after a revised 0.1 percent decline in the previous month, the U.S. Census Bureau reported Tuesday.

Excluding transportation, new orders increased 0.2 percent. Excluding defense, new orders decreased 0.9 percent. Transportation equipment, also down for two consecutive months, drove the decrease.

"Durable goods orders declined for the second consecutive month in August, but in stripping away volatile factors, the underlying details of the report point to some stabilization in core orders," Tim Quinlan and Shannon Seery, economists at Wells Fargo Securities, said in an analysis.

"While the August durable goods report suggests new demand is not yet falling off a cliff, the broader manufacturing sector is still facing tough conditions," said Quinlan and Seery.

The August Manufacturing Purchasing Managers' Index (PMI) registered 52.8 percent, the same reading as recorded in July, the lowest since June 2020, according to the the Institute for Supply Management.
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