Orders for big-ticket manufactured goods in July came in weaker than expected, raising the risk that the gross domestic product during the third quarter will not reach 1%, says Michael Feroli, an economist at JPMorgan ChaseTransportation (i.e. the only highlight) was distorted by a massive 76% month over month jump in aircraft orders. Without that... not so much.
On Wednesday the U.S. Commerce Department reported durable goods orders rose by a measly 0.3% in July, well below the 2.5% lift the Street had expected, though still ahead of the 0.1% slip in June.
Shipments of capital goods fell 1.5% on a core basis, which excludes aircraft and defense spending, while orders tumbled 8%.