US Durable Goods Orders Disappoint

Orders for durable goods increased by just 0.3 percent in July providing further evidence that the pace of recovery in the US is slowing. Analysts had predicted an increase of 3 percent.

“This overall loss of momentum is noticeable, measurable and it’s cause for concern,” said Robert Dye, a senior economist at PNC Financial Services Group Inc. in Pittsburgh, whose forecast was the lowest among those surveyed. “Manufacturing is still leading the recovery, but not nearly with as much vigor as earlier.”

Source: Bloomberg

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