The report on durable goods came in above expectations for the month of June. The Commerce Department’s report showed a gain of 1.6% to a seasonally adjusted $221.63 billion for the long-lasting goods. Dow Jones and Bloomberg both were calling for a gain of only 0.6%. The figure for durable goods in May was revised to +1.6% from +1.3%.
Today’s report was boosted by strong aircraft sales, both civilian and defense. If you back out transportation, the report was actually down by 1.1%. As durable goods are meant to be the big-ticket items that last three years or more, this can be a very volatile report, one that often is considerably higher or lower than the consensus targets from economists.
We have been seeing weaker than expected regional manufacturing data of late, and that has capped some of the expectations here on durables and other key economic components. This may act as a primer for Friday’s report on gross domestic product. Estimates for second-quarter GDP, which is the first look at second-quarter GDP, are put at 1.2%, according to Bloomberg. The price-weighted component is expected to come in at +1.6%, according to the Bloomberg consensus.
JON C. OGG
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.