July’s order for U.S. durable goods beat expectations jumping by 4 percent on greater demand for automobiles and aircraft. Durable goods are defined as products intended to last for at least three years.
The increase comes after a 1.3 percent decrease in June and could provide a boost of confidence to markets that have suffered wide volatility in recent weeks.
“It’s going to take time before businesses become comfortable about investing and hiring,†said Ryan Sweet, senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “The improvement in July appears to be narrowly based.â€Â
Source: Bloomberg
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012