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Durable Goods Orders Plunge in July

August 27, 2013, 07:00 AM
Filed Under: Economy

Orders for durable goods (items meant to last at least three years) declined sharply in July as demand for commercial aircraft declined and overall businesses spent less on computers other equipment.

According to the Commerce Department report, orders for durable goods fell 7.3% in July, demonstrating its steepest drop in nearly a year. According to the report, excluding the transportation category, orders fell just 0.6%. Both declines followed three consecutive months of increases.

Additionally the report indicates orders for core capital which include machinery, computers and heavy trucks (but excluding orders for aircraft and defense) fell 3.3%, following four consecutive months of gains.

To read the full Commerce Department report, click here.

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