P.M. BRIEFING : Orders for Durable Goods, Led by Aircraft, Surge 2.9% in July

New orders for durable goods showed surprising strength in July, jumping 2.9% on strong demand for aircraft and other big-ticket items, but shipments were weak, the Commerce Department said today.

Private analysts expected a gain of only 0.3% in orders for expensive goods made to last three or more years, following a drop of 3.2% in June and an advance of 4.1% in May.

The July increase, to just over $128.3 billion, was attributed to a surge in orders for new aircraft and parts as the world’s airlines scramble to rebuild their aging fleets.

There were also increased orders for turbines, computers and metals. But orders for new cars, vans and trucks declined.

Mickey Levy, chief economist at First Fidelity Bancorp in Philadelphia, was not impressed by the data. “It does not portend strength in the economy,” he said. “The economy is very weak.”