US durable goods orders barely budge in June, missing estimates by a wide margin

The US manufacturing sector just delivered a report card that would generously be described as “needs improvement.” New orders for durable goods rose just 0.3% in June, according to the Census Bureau’s advance report released July 27. Wall Street had been expecting something closer to 2.5%. The numbers tell a tepid story June durable goods orders totaled $334.8 billion, clawing back only a fraction of May’s 4.5% decline. The prior month’s revised total came in at $332.1 billion, meaning June barely moved the needle after a rough spring. Strip out the notoriously volatile transportation sector, and the picture doesn’t improve much. Core orders, excluding transportation equipment, rose 0.6% against expectations of 0.8%. The one genuine bright spot was computers and electronic products, which jumped 3.1% and added roughly $0.9 billion to the overall total. Without that sector doing the heavy lifting, the headline number would have looked even more anemic. Why crypto traders care about factory orders Soft economic data gives the Fed more room to cut interest rates. Lower rates make holding speculative assets more attractive because the opportunity cost of parking money in safe-haven in...