US durable goods orders fall less than expected in July

Orders for durable goods fell in the US in July, as sales of commercial aircraft weakened. The durable goods are products that last at least three years.

Official data released Tuesday showed that durable goods orders fell 2.8% month-on-month (MoM) to $302.8 billion in July, following a 9.4% decline in June, compared to expectations for a 4% drop.

Core capital goods orders—which exclude defense and transportation—increased 1.1% in July, after falling 0.6% in June.

Data on durable goods is closely watched by investors because it shows confidence, as consumers purchase appliances or cars when they are optimistic about the state of the economy.