Durable Goods Orders Come In Way Worse Than Expected

Headline: Down 0.9% for February

Expectations: Up 1.1%

This number is much worse than expectations, and futures have pulled back a bit on the news.

It is a sharp drop after January’s 3.6% rise in the same number.

It looks as if machinery is the big drag on this number.

From the release:

New orders for manufactured durable goods in February decreased $1.9 billion or 0.9 per cent to $200.0 billion, the U.S. Census Bureau announced today. This decrease, down four of the last five months, followed a 3.6 per cent January increase. Excluding transportation, new orders decreased 0.6 per cent. Excluding defence, new orders increased 0.4 per cent.

Machinery, down two consecutive months, had the largest decrease, $1.2 billion or 4.2 per cent to $26.6 billion.

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