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The State of the U.S. Economy

by Myfxtools
August 24, 2023
in News
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The Numbers: July saw a rise in orders for long-lasting goods for the third consecutive month, indicating potential stabilization in the struggling industrial sector of the U.S. economy. When the fluctuations at Boeing are excluded, durable-goods orders increased by 0.5%. However, when transportation is considered, headline orders fell by 5.2% last month.

Economists had predicted a 4.1% drop in July, following a 4.4% increase in June, mainly due to Boeing’s influence. A more accurate measurement of the health of U.S. manufacturing, known as core orders, showed a slight uptick of 0.1% in July, which is indicative of broader business investment. Despite this, many manufacturers remain stagnant, preventing substantial growth.

The Bigger Picture: It is uncertain whether the industrial side of the economy has reached its lowest point or if there is still room for decline. The true state of affairs will likely become clearer once interest rates stabilize. Typically, higher borrowing costs impede economic growth and discourage businesses from hiring, spending, and investing.

Market Reaction: Following these developments, in Thursday’s trades, both the Dow Jones Industrial Average and S&P 500 experienced increases.

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Tags: Durable goods ordersIndustrial sectorMarket reactionU.S. economy
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