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Orders rose 11.2% in July, but just like June, it was fueled predominately by the demand for new cars and trucks. When we exclude transportation, new orders rose 2.4%. Orders for autos and parts rose 22%, which was down modestly from the 24% growth we saw in June. Now that auto manufacturing is back to pre-pandemic levels, growth in durable goods orders should slow significantly. I also find it hard to believe that auto sales do not slow with credit tightening and 27 million unemployed.