New orders for durable goods fell $8.8 billion, or 2.8%, in July to $302.8 billion, according to a report released by the U.S. Census Bureau just moments ago. This compares favorably with market expectations of a 3.8% decline. Core orders, excluding transportation orders, rose 1.1% in July, compared to a 0.2% increase in June (expected 0.2%).
In detail, new orders excluding defense fell by about 2.5%, with transportation equipment orders leading the decline, declining 9.7%, or $10.9 billion, to $101.7 billion.