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Strong aircraft demand pushes up US durable goods orders; outside transportation, orders fall
WASHINGTON (AP) ¯¯¯ Business cut back on orders for long-lasting U.S. factory goods last month, outside aircraft and other transportation equipment. That suggests the sluggish economy is weakening manufacturing.
The Commerce Department says that orders for durable goods rose a seasonally adjusted 1.6 percent in June. That matched May's increase. But excluding transportation equipment, orders actually fell 1.1 percent, the third decrease in four months. Durable goods are products meant to last three years, such as steel, autos and computers.
Orders for so-called core capital goods, a measure of business investment plans, fell 1.4 percent. That's the second drop in three months and indicates companies are growing more cautious about spending as the economic outlook darkens.