Orders for U.S. durable goods unexpectedly dropped in June and inventories climbed at the slowest pace in a year, evidence that companies lost confidence in the strength of the recovery as the second quarter ended.
Bookings for goods meant to last at least three years fell 2.1 percent after a 1.9 percent gain the prior month that was smaller than last reported, the Commerce Department said today in Washington. The median forecast of 76 economists surveyed by Bloomberg News projected a 0.3 percent increase. Orders excluding transportation equipment rose less forecast and demand for business equipment dropped.
