---

HIGHLIGHTS FROM THE ADVANCE REPORT ON MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS

July 2005--------------- Released 8:30 A.M. EDT August 24, 2005 (M3-1(05)-07)
Note: All figures in text are in seasonally adjusted current dollars
For Data - (301) 763-4673
For Questions - Chris Savage or Patrick Kent (301) 763-4832

New Orders
New orders for manufactured durable goods in July decreased $10.6 billion or 4.9 percent to $204.7 billion, the U.S. Census Bureau announced today. This followed a 1.9 percent June increase.

Shipments
Shipments of manufactured durable goods in July, down following two consecutive monthly increases, decreased $0.2 billion or 0.1 percent to $206.4 billion. This followed a 0.3 percent June increase.

Unfilled Orders
Unfilled orders for manufactured durable goods in July, up for the third consecutive month, increased $5.6 billion or 1.0 percent to $580.3 billion. This was at the highest level since the series was first stated on a NAICS basis in 1992 and followed a 2.8 percent June increase.

Inventories
Inventories of manufactured durable goods in July, up seventeen of the last eighteen months, increased $1.6 billion or 0.6 percent to $282.2 billion. This followed a 0.4 percent June decrease.

Capital Goods Industries
Nondefense
Nondefense new orders for capital goods in July decreased $5.6 billion or 7.3 percent to $71.1 billion.
Defense
Defense new orders for capital goods in July decreased $1.5 billion or 16.6 percent to $7.3 billion.

Released August 24, 2005. This report presents advance information on two key business indicators: durable goods manufacturers' shipments and orders. Revised and more detailed estimates plus nondurable goods will be published August 30, 2005. The advance report on durable goods for August is scheduled for September 28, 2005.

---

From Haver Analytics:

As a result, the Dow 30 is opening lower. More pain to come.

Next up, at 10:00am ET, is the new home sales data. Should be interesting.