New orders for real durable goods totaled $216,171 million in July. This was just 5.7% less than one year ago, which was the slowest rate of month-over-month rate of contraction in the last five months. The month-over-month rate of contraction peaked in April at 31.2%. 

The result was that the annual rate of change contracted 9.8%, which was the fastest rate of annual contraction since April 2010. However, the all-time high consumer durable goods spending in July means that durable goods spending is indicating a bottom in the rate of contraction in durable goods new orders may be near. 

It’s important to note that aerospace orders in July were negative for the fourth time in five months, meaning that there were more cancellations than there were new orders for commercial aircraft. However, motor vehicle and parts new orders increased 5.5% compared with one year ago, which was the first month of month-over-month growth since July 2019.

Accelerating Growth: appliances, ship/boat building

Decelerating Growth: 

Accelerating Contraction: aerospace, construction materials, durable goods, fabricated metal products, machinery/equipment, oil/gas-field/mining machinery, power generation, primary metals, total capital goods

Decelerating Contraction: computers/electronics, HVAC, motor vehicle/parts, ​​​​off-road/construction machinery