The U.S. Census Bureau reported new orders for manufactured durable goods in June--down two of the last three months--decreased $32.1 billion or 9.3% to $311.8 billion. It was the largest monthly drop since early 2020 and followed a 16.5% increase in May. Analysts had expected an 11.1% decline in June.

Excluding transportation, new orders increased 0.2 percent, while excluding defense, new orders decreased 9.4 percent.

Transportation equipment led the overall decline in new orders, having dropped 22.4% from May to June, a $32.6 billion decrease to $113 billion. Those orders also were down in two of the last three months.

Durable goods shipments were up 0.5% from May to June, led by an 8.5% increase in defense capital goods shipments.