US durable goods new orders fell -9.3% MoM (vs -10.8% MoM expected) to $311.8 billion in June 2025, after a sharp +16.5% MoM gain in May, driven by a steep drop in transportation equipment.

• Ex-transportation new orders rose +0.2% MoM, while ex-defense orders declined -9.4% MoM.
• Transportation equipment orders dropped -22.4% MoM to $113.0 billion, subtracting the full amount of the monthly decline.
• Core capital goods orders (nondefense ex-aircraft) fell -0.7% MoM (vs +0.2% MoM expected), signaling softening business investment.
• Core capital goods unfilled orders fell -0.1% MoM and were only up 0.1% YoY while inventories saw a sizeable 0.3% MoM build, up 1.9% YoY.
• Shipments of durable goods rose +0.5% MoM; ex-transportation shipments were up +0.3% MoM.