Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in July 2024 was up 9.9%(m/m) to $289.6, following the 2.2% decrease in June. The always-volatile nondefense aircraft orders, down 34.4% y/y, influenced this trend significantly.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.1% in July 2024 (seasonally adjusted), after increasing 0.2% in June. The index for final demand goods increased 0.6% in July, the largest advance since February, while the index for final demand services fell 0.2% in July, the largest decrease since March 2023. Nearly 60 percent of the broad-based increase in July can be traced to the index for final demand energy, which moved up 1.9 percent.

Architectural Billings Index: July’s 2024 national Architectural Billings Index of 48.2 was up 1.8 points from June’s 46.4, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Institutional and Commercial/Industrial all reported a decrease in design activity in July.

U.S. Manufacturing Capacity Utilization: Manufacturing capacity utilization (MCU) reached 77.17% in July 2024, -0.4% month on month (m/m). On a year on year (y/y) comparison, the MCU was a modest -1.1%.

ISM Non-Manufacturing Index: The Institute for Supply Management’s non-manufacturing index increased by 2.6 points month on month (+5.3% m/m) to 51.4 in July 2024.

ISM Manufacturing Index: The Institute for Supply Management’s manufacturing index moved down -1.7% (m/m) to 46.8 for July 2024; this value is weaker than the forecast of 50. The new orders sub-index scored at 47.4. It was the 20th decline in activity during the last 21 periods, underscoring the impact of high interest rates on goods demand, pressured by a fresh contraction in the level of new orders.