U.S. Durable Goods Orders Advanced More Than Forecast in June
“U.S. orders for durable goods rose more than expected in June, led by a spike in demand for motor vehicles and a pickup in business activity more broadly as states reopened their economies. Bookings for durable goods — or goods meant to last at least three years — increased 7.3% in June, after a downwardly revised 15.1% surge in May, Commerce Department data showed Monday. The median estimate in a Bloomberg survey of economists called for a 6.9% gain in June. Core capital goods orders, a category that excludes aircraft and military hardware, climbed 3.3%, also more than forecast.”
Europe’s Economy to Outpace U.S. in Upending of Past Roles
“The euro area economy is for once set for a sprightlier recovery from crisis than the U.S., thanks to starkly different responses to the coronavirus. America’s failure to get a grip on the pandemic is putting the brakes on its rebound compared with Europe, where many former virus hot spots managed to resume economic activity without causing a similar surge in infections.”
China Factory Profits Rose in June, Still Lower Than 2019
“Profits at China’s industrial companies continued to improve in June, with returns at industrial firms growing for the second month in a row. Profits rose 11.5% in June from a year ago, the fastest increase since late 2018, according to the National Bureau of Statistics. However, the return to growth from May hasn’t made up for the slump earlier in the year due to the coronavirus outbreak, with profits in the first half of the year still down 12.8%.”
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