U.S. durable goods slump more than expected in July
Investing.com
Published Aug 25, 2017 08:31AM ET
U.S. durable goods orders decline 6.8% in July, core orders rise 0.5%
Investing.com - U.S. orders for long lasting manufactured goods fell more than forecast in July, although the core reading rose slightly more than expected, casting a mixed picture over the U.S. economy, according to official data released on Friday.
Total durable goods orders, which include transportation items, decreased by 6.8% last month, the Commerce Department said, compared to economists' expectations for a decline of 6.0%.
June’s orders had registered a gain of 6.4%.
Durable goods are typically bulky or heavy manufactured products designed to last at least three years.
Core durable goods orders, which exclude volatile transportation items, rose by 0.5% last month, compared to forecasts for a 0.4% gain.
June's core durable goods orders had registered a 0.1% advance.
Durable orders excluding defense tumbled by 7.8% in July, compared to the prior month’s 6.4% decrease which was revised downwards from an initial 6.6% advance.
Durable goods excluding defense and aircrafts advanced by 0.4% in July, compared to expectations for a 0.3% gain.
The previous month had registered a drop of 0.1%.
After the report, EUR/USD was trading at 1.1809 from around 1.1807 ahead of the publication; GBP/USD was at 1.2825 from 1.2845 earlier; while USD/JPY was at 109.72 from 109.67 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 93.17 compared to 93.16 prior to the release.
Meanwhile, U.S. stock futures pointed to a higher open. The Dow futures gained 40 points, or 0.18%, the S&P 500 futures rose 6 points, or 0.23%, while the Nasdaq 100 futures traded up 15 points, or 0.25%.
Elsewhere, in the commodities market, gold futures traded at $1,291.88 a troy ounce, compared to $1,291.43 ahead of the data, while crude oil traded at $47.63 a barrel from $47.66 earlier.
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Written By: Investing.com
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