Durable goods orders dropped in June
Orders for U.S. durable goods unexpectedly dropped in June, and inventories climbed at the slowest pace in a year, Bloomberg reported. Bookings for goods meant to last at least three years fell 2.1 percent after a 1.9 percent gain the prior month, according to numbers released by the U.S. Department of Commerce. Analysts had projected a 0.3 percent increase. Orders excluding volatile transportation equipment, such as commercial aircraft, increased 0.1 percent. Demand for transportation gear dropped 8.5 percent. Machinery, computers and automobiles were among areas that showed a drop in demand last month.
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