US heading for another recession.

Fridays Durable goods orders were shocking.
Expected result +0.6%
Actual -3.8%

Source - US census bureau
New Orders
NEW ORDERS, excluding semiconductors, for manufactured durable goods in June decreased $6.7 billion or 3.8 percent to $166.6 billion, This followed a 0.6 percent May increase. Excluding transportation and semiconductors, new orders decreased 3.1 percent. Year to date, new orders for 2002 were 3.0 percent below the same period a year ago.

Shipments
SHIPMENTS, excluding semiconductors, of manufactured durable goods in June decreased $2.4 billion or 1.4 percent to $173.7 billion. This followed a 0.2 percent May decrease. Year to date, shipments for 2002 were 2.9 percent below the same period a year ago.

Unfilled Orders
UNFILLED ORDERS, excluding semiconductors, for manufactured durable goods in June decreased $7.1 billion or 1.4 percent to $489.3 billion. This followed a 0.6 percent May decrease.

Inventories
INVENTORIES, excluding semiconductors, of manufactured durable goods in June, down seventeen consecutive months, decreased $1.3 billion or 0.5 percent to $265.3 billion. This followed a 0.5 percent May decrease