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Durable goods orders in the United States fell to a 7-month low during the period of September, following weak demand that weighed on business investment.
Bookings for non-military capital goods excluding aircraft dropped 1.2 percent, erasing a 1.2 percent August gain that was stronger than previously reported, data released by the Commerce Department showed Thursday. The median forecast of economists surveyed by Bloomberg called for a 0.1 percent drop. Demand for all durable goods eased 0.1 percent.
Further, Durable goods orders excluding transportation equipment, which are often volatile from month to month, climbed 0.2 percent after a 0.1 percent gain.
Bookings for military capital equipment decreased 7.7 percent, and demand for non-defense durable goods rose 0.7 percent. Durable goods inventories crept up 0.1 percent for a second month, while unfilled orders for non-defense capital goods excluding aircraft rose 0.2 percent.
In addition, durable goods inventories crept up 0.1 percent for a second month, while unfilled orders for non-defense capital goods excluding aircraft rose 0.2 percent.
"Business investment has been mired in a slump for more than a year and there’s nothing in these numbers to suggest it’s about to break out. It’ll still be a small drag on third-quarter growth," Bloomberg reported, citing Omair Sharif, Senior U.S. Economist, Societe Generale, New York.
