Biden’s Broken Economy: Cars and Computers Orders Slump as Shortages Drag Durable Goods

New orders for motor vehicles fell 0.3 percent in June, after rising 2.0 percent in May, data from the Commerce Department said Tuesday. Shipments of cars and trucks fell 0.5 percent.

Similarly, orders of computers and related products fell 0.6 percent and shipments declined 1.7 percent.

Orders for appliances were flat for the month while shipments rose one percent.

Overall, however, new orders for products meant to last at least three years, known as durable goods, rose 0.8 percent to a seasonally adjusted $257.6 billion in June as compared with May. That was a smaller gain than economists expected.

Orders for the prior month were revised up strongly, showing a 3.2 percent gain in May from April. Originally, this was reported as 2.3 percent. Orders have been up for 13 of the last 14 months.

New orders for nondefense capital goods excluding aircraft–considered a proxy for business investment–increased a better than expected 0.5 percent in June from the previous month. The prior month such orders also were also revised up to show a 0.5 percent gain (from a one-tenth point gain initially).

Originally found on Breitbart Read More

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