The overriding consideration in the index's development is to provide a monthly measurement of consumer spending on durable goods
that will provide retailers with a reliable outlook for consumer purchases with sufficient accuracy to provide an accurate gauge for short term planning," German says.
After strong growth in August, the output of durable goods
materials was unchanged, as gains in the output of parts destined for use in computer, aviation, and defense equipment were offset by declines in parts used primarily in consumer durables.
Among durable goods
materials, decreases in metals and in motor vehicle parts and related equipment were offset by further strong gains among electronics components.
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Reductions in the production of original equipment parts for motor vehicles and in the output of miscellaneous plastics and basic metals materials account for much of the decrease in durable goods
7 percent rise in the output of durable goods
materials in July.
The release of monthly durable goods
set a dour tone for traders earlier this morning.
The production of business equipment and durable goods
materials rose sharply.
In market groups, output of consumer goods excluding motor vehicles and electricity for residential use edged up in April and May, owing mainly to gains in production of durable goods
such as appliances, carpeting, and furniture; production of most other consumer goods has changed little in recent months.
Bureau of Labor Statistics (BLS) released results from their 2002 Survey of Occupational Injuries and Illnesses, and reported that in 2002, semiconductor workers achieved one of the lowest rates of work injuries and illnesses recorded for the durable goods
manufacturing industry -- 1.
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8% growth for the quarter) and very strong durable goods