News Summary: Orders for US durable goods plunge

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Associated Press

Posted on August 26, 2013 at 12:32 PM

Updated Monday, Aug 26 at 8:30 PM

ORDERS PLUMMET: Orders for long-lasting manufactured goods plunged 7.3 percent in July, mostly because of a steep drop in aircraft demand. Excluding the volatile transportation category, orders fell just 0.6 percent.

BUSINESSES CUT BACK: So-called core capital goods fell 3.3 percent. The drop followed four straight months of gains. Core capital goods are considered a good measure of businesses' confidence in the economy and include machinery, computers and heavy trucks, while excluding volatile aircraft and defense.

SLOW GROWTH: Manufacturing continues to struggle and may prevent economic growth from picking up in the July-September quarter.

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