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Monday, May 27, 2024
HomeNewsEconomyDurable Goods Orders Fall in August, Adding to Manufacturing Woes

Durable Goods Orders Fall in August, Adding to Manufacturing Woes


American workers at a manufacturing plant for long-lasting durable goods. (PHOTO: REUTERS)

The Commerce Department reported on Thursday that new orders for long-lasting manufactured durable goods fell 2% in August, matching economists’ forecasts. Excluding the transportation component, orders were unchanged from the month prior, compared to expectations for a 0.1% tick higher.

The Commerce report comes after two closely-watched surveys of regional manufacturing activity indicated contraction last month. The Philadelphia Federal Reserve’s regional Manufacturing Business Outlook Survey for the mid-Atlantic tanked to -6 in September from 8.3 the month prior. The Fed’s reading came in far below economists’ expectations for a drop to positive 6.

The Philadelphia Fed’s report marked the second major regional manufacturing survey released this week showing the sector contracting, as the Empire State Manufacturing Survey out Wednesday showed regional manufacturing activity contracted for a second straight month in September, remaining well below zero at -14.7.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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