Durable goods orders in April grew by 2.9% vs. 1.5% expected, but ex-Transportation fell by 1% vs. expected growth of 0.7%.
Given the volatility of transport orders caused by companies such as Boeing (BA), the overall report is a ‘miss’.
New Orders. New orders for manufactured durable goods in April increased $5.6 billion or 2.9 per cent to $193.9 billion, the U.S. Census Bureau announced today. This was the fourth increase in the last five months and followed a slight March decrease. Excluding transportation, new orders decreased 1.0 per cent. Excluding defence, new orders increased 3.4 per cent. Transportation equipment, up following two consecutive monthly decreases, had the largest increase, $7.0 billion or 16.1 per cent to $50.7 billion. This was due to nondefense aircraft and parts which increased $7.3 billion.
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