Durable goods orders declined 7.3% in July following three increases, the Commerce Department said Monday.
The downturn, which followed a revised 3.9% gain in June, was larger than economists’ median forecast of a 4% decline, Bloomberg News reported. The decline was the biggest since last August.
Orders excluding transportation equipment, which is often volatile, fell 0.6% following a 0.1% uptick. Commercial aircraft orders fell 52.3% following a 33.8% increase.
Demand for non-defense capital goods excluding aircraft, a proxy for future business investment in computers and electronics, fell 3.3% following a 1.3% increase.
Durable goods include large items meant to last at least three years, such as refrigerators and air conditioners. Trucking is a major beneficiary of durable goods manufacturing, hauling components and finished products.