Photo: Flickr / mugley
The headline April durable goods report was in line with expectations, but when excluding transportation, orders substantially missed forecasts, falling 0.6 per cent.
The headline figure showed an overall advance of 0.2 per cent to $215.5 billion, buttressed largely by the transit industry. That reversed a 3.9 per cent decline in March.
Motor vehicle and part sales surged $2.3 billion during the month to more than $44 billion. The news follows the first quarter GDP report where the government largely attributed gains in the economy to domestic auto sales.
Non defence capital goods orders, when excluding air, declined 1.9 per cent to $63.4 billion, while shipments fell 1.4 per cent.
Minutes away from the first of several major economic data points in the U.S.: the Durable Goods Report.
Economists anticipate orders increased 0.2 per cent in April, reversing a 3.9 per cent revised decline in March.
Excluding transportation, consensus is for a 0.8 per cent increase.