Surprisingly good news for durable goods

Despite myriad signs of a slowing economy and rising inflation, new orders for manufactured durable goods were actually up 0.8% in June for a total of $215.4 billion. The statistics, released by this morning by the Department of Commerce, indicate that this was the second consecutive monthly increase in new orders for durable manufactured goods, after a 0.1% increase in May. Shipments of manufactured durable goods — defined as goods with a useful life of more than three years, such as televisions, large appliances and furniture — increased 0.5% to $212.2 billion, which came following a 1.2% decrease in May. Unfilled orders of durables were also up by $7.2 billion, or 0.9%, to $817.6 billion, and inventories of durables were also up to $1.8 billion, or 0.5%, for a total of $332.2 billion.