Revisions for Durable Goods Orders in March Show Gains Softer than Initially Reported
New durable goods orders in the U.S. decreased $5.4 billion or 2.1% to $248.4 billion, slightly less than the consensus forecast in April.
|Prior||Prior Revised||Consensus Forecast||Forecast Range||Actual|
|New Durable Good Orders – M/M ∆||2.7%||1.7%||-2.2%||-10.0% — -0.8%||-2.1%|
|Ex-transportation – M/M ∆||0.4%||-0.5%||-0.1%||-0.7% — 0.3%||0.0%|
|Core capital goods – M/M ∆||1.3%||0.3%||0.1%||-1.0% — 0.8%||-0.9%|
New orders, which are down two of the last three months, increased by 1.7% in March. Excluding transportation, new orders were essentially unchanged. Excluding defense, new orders fell 2.5%.
“Basically, orders for non-defense capital goods, excluding aircraft, decreased 0.9% in April, while the previously reported increase for March was revised to +0.3% from +1.3%,” Tim Anderson, analyst at TJM Investments, said at the New York Stock Exchange (NYSE).
“Clearly, business spending slowed in April after a smaller increase in March than was initially reported.”
Transportation equipment, which are also down two of the last three months, drove the decline, falling $5.4 billion or 5.9% to $85.4 billion.
Revised seasonally adjusted March figures for all manufacturing industries, based on updated seasonal adjustment models, were: new orders, $503.5 billion (revised from $506.2 billion); shipments, $507.1 billion (revised from $508.5 billion); unfilled orders, $1,179.8 billion (revised from $1,181.1 billion) and total inventories, $691.3 billion (revised from $690.7 billion).