U.S. orders for core capital goods fell 0.1 percent in July, the latest sign of weakness in U.S. manufacturing.
Core capital goods are durable goods excluding military products and aircraft. Orders have declined month-over-month in four of the first seven months of this year. Compared to the first seven months of 2023, orders for non-defense capital goods excluding aircraft are up 0.5%.
Core capital goods are considered a proxy for business investment and are considered an important indicator of the U.S. economy.
Shipments of core capital goods fell 0.4% in June after being flat and declining in May.
Orders for new cars and trucks rose 34.8% in July after plunging 20.6% in June as auto dealers were hit by a cyber attack that shut down their systems.
Machinery orders were flat. Orders for computers and electronics declined.
Defense orders rose 1.2 percent, but are still 4.4 percent lower than a year ago, boosted by the war in Ukraine.
Overall orders increased 9.9% due to a surge in aircraft orders.
During her campaign, Kamala Harris falsely claimed that U.S. manufacturing was doing well, even though economic data shows the sector has been shrinking for nearly two years.
