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U.S. Business Equipment Orders Retreat in June on Aircraft and Tariff Uncertainty

A flash PMI contraction in July underscores mounting caution in factories over policy uncertainty

Overview

  • Non-defense capital goods orders excluding aircraft fell 0.7% in June, defying economists’ expectations for a modest increase.
  • Durable goods orders declined 9.3% as non-defense aircraft bookings plunged 51.8% following May’s surge.
  • Shipments of core capital goods rose 0.4% in June, indicating only slight momentum in equipment deliveries.
  • S&P Global’s flash manufacturing PMI entered contraction territory in July for the first time since December.
  • Businesses accelerated spending in Q1 to beat impending tariffs, with many scaling back as uncertainty over import duties persists.