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October 1, 2012

Durable goods orders down 13.2% in August, ACC report notes

Scott Jenkins

Data from the U.S. Census Bureau that were included in the latest American Chemistry Council (ACC; Washington, D.C.; Weekly Chemistry and Economic report indicate that orders for durable goods fell by 13.2% in the U.S in August, the largest monthly decline since January 2009.
According to the ACC, the dip was the fourth straight monthly decline and was larger than expected. The decline was led by a sharp fall in aircraft orders, but orders also slipped for primary metals, metal products, machinery, motor vehicles, computers and communications equipment.
Overall, the ACC assessed the week’s economic reports in the U.S. as mixed, with a positive being higher consumer confidence. Income growth remains lackluster, however, and several key indicators of manufacturing activity turned in disappointing results, the report said.
ACC’s Chemical Activity Barometer ticked up, the report said, and “continues to signal slow growth ahead.”
The global economy is still struggling, with Europe in what appears to be recession, and indicators in Japan and Korea suggest a rising risk of recession there as well, the report said.

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