Data just released by the Commerce Department show that new orders for manufactured durable goods in August fell $0.2 billion or 0.1% to $201.8 billion.
This decrease is the second in the last three months and follows a 4.1% increase in July. The slight decline was across the board because excluding transportation, new orders fell by 0.1%. Excluding defense, new orders similarly fells by 0.1%.
In a sign of consumers restricting their spending, inventories of manufactured durable goods rose in August for the twentieth consecutive month by $3.2 billion or 0.9% to $365.3 billion.
This is also the highest since numbers were published in 1992 and comes after a 1.1% inventory rise in July. A slowdown in consumer spending will give further impetus to President Obama’s efforts to get his jobs bill passed in Congress in an attempt to dodge another recession.
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