Defence capital goods orders climbed 39% in March, leading the headline reading higher. Computers shipments were also up double digits at 10%. Nondefense aircraft and parts orders fell most at -4.1%.
“Moderate rates of business investment remain in place,” Barclays said in a note. “Despite core orders and shipments coming in slightly better than our forecast, the April durable goods report left our GDP tracking estimates unchanged at 3.1% q/q (saar) for Q2 and -0.6% q/q (saar) for Q1.”
Here’s the full rundown:
Headline reading: 0.8% Consensus: -0.7% March revised: 3.6%
Ex-transportation: 0.1% Consensus: 0.0% March revised: 2.9%
Nondefense capital goods orders:
-1.2% Consensus: -0.3% March revised: 4.7%
Nondefense capital goods orders ex-aircraft: -0.4% Consensus: -0.2% March revised: 2.1%
Here’s the chart:
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