Durable goods orders fall more than expected in June

US durable goods orders fell more than expected in June, according to data from the Commerce Department.

Durable goods orders were down 4% on the previous month to $219.8bn following a 2.8% drop in May. Economists had been expecting a 1.1% drop.

Excluding transport, new orders declined 0.5%, missing expectations of a 0.3% increase. They were down 3.9% excluding defence.

Dennis de Jong, managing director at UFX.com, said: “After last month’s slump Fed Chair Janet Yellen would have been eager to see US durable goods rebound, but today’s significantly worse than expected figures have dashed those hopes.

“The worldwide economic pressures on US domestic concerns, not least a struggling China, beleaguered motor industry and a stronger Post-Brexit dollar affecting export orders, have clearly had an impact.”