Orders for long-lasting U.S. factory goods fell sharply last month as demand for commercial aircraft plummeted and businesses spent less on computers and electrical equipment.
Manufacturing continues to struggle and could prevent economic growth from picking up in the July-September quarter.
Orders for durable goods plunged 7.3 percent in July, the Commerce Department said Monday. It’s the steepest drop in nearly a year. Excluding the volatile transportation category, orders fell just 0.6 percent. Both declines followed three straight months of increases.
Durable goods are items meant to last at least three years.
Guest
- Heidi Moore, U.S. finance and economics editor for The Guardian. She tweets @moorehn.
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