WASHINGTON: US durable good orders in June continued their recovery from the Covid-19 hit, with new orders rising 7.3% on demand for transportation eq...
US durable good orders in June continued their recovery from the Covid-19 hit, with new orders rising 7.3% on demand for transportation equipment, the Commerce Department said today.
As in May, the better-than-expected growth in demand for manufactured goods after coronavirus-driven plunges in March and April was fueled by transportation orders, which grew 20% or US$9.2 billion. However in a sign of Boeing's continued struggles, new orders for non-defence aircraft slumped -462.3% as customers cancelled orders with the plane maker.Ian Shepherdson of Pantheon Macroeconomics said he expected a bigger increase in that metric, but said it had otherwise recovered faster than its slump during the global financial crisis in 2008.
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