U.S. durable goods orders drop in August

New orders for manufactured durable goods fell 2 percent to $236.3 billion in August following two straight months of growth, according to the latest figures from the U.S. Census Bureau.    The U.S. Census Bureau announced Thursday new orders for manufactured durable goods in August fell 2 percent to $236.3 billion, following increases of 3.4 percent in June and 1.9 percent in July.
   Transportation equipment orders, which had also grown for two consecutive months, were a primary driver in the overall decrease, dropping 5.8 percent to $78.7 billion.
   The bureau noted that excluding transportation equipment orders, total new orders for durable goods remained “virtually unchanged,” decreasing less than $0.1 billion.
   Shipments of manufactured durable goods, also up in the previous two months, remained relatively flat as well, falling less than $0.1 billion to $239.4 billion in June after a 1 percent increase in July. The decrease was driven primarily by primary metals, for which shipments dipped 1 percent to $20.5 billion and have now fallen in 10 of the last 11 months.
   Orders for durable goods – defined by the Census Bureau as products designed to last at least three years – are a key indicator in the overall health of the U.S. economy.