WASHINGTON (AP) – Orders for long-lasting manufactured goods sank 6.8 percent in July, the biggest fall in nearly three years, led by a drop in the volatile category of civilian aircraft. But a measure of future business investment advanced 0.4 percent.
The Commerce Department says orders for durable goods — items meant to last at least three years — reversed a sharp gain in such orders in June.
The numbers were warped by a 19 percent drop in orders for transportation equipment, a category that bounces wildly from month to month. Specifically, orders for civilian aircraft tumbled 70.7 percent in July, payback for a 129.3 percent surge in June.
Excluding transportation, orders rose a solid 0.5 percent last month.
(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)