• Main
  • Analytics
  • Market News
  • U.S. durable goods orders jump slightly more than forecast in March
Economic news
24.04.2024

U.S. durable goods orders jump slightly more than forecast in March

The U.S. Commerce Department reported on Wednesday that the durable goods orders surged 2.6 per cent m-o-m in March, following a downwardly revised 0.7 per cent m-o-m advance (+1.3 per cent m-o-m) in February. This marked the strongest monthly rise in durable goods orders since November 2023 (+5.4 per cent).

Economists had expected a 2.5 per cent m-o-m climb.

According to the report, the March increase was due to gains in orders in 8 of 9 sectors, led by transportation equipment (+7.7 per cent m-o-m), capital goods (+6.0 per cent m-o-m) and manufacturing (+3.0 per cent m-o-m). Meanwhile, primary metals (-0.5 per cent m-o-m) was the only sector that saw a decline in orders.

Orders for durable goods excluding transportation increased 0.2 per cent m-o-m in March, following a downwardly revised 0.1 per cent m-o-m uptick (from +0.5 per cent m-o-m) in the previous month, marginally below economists’ forecast of a 0.3 per cent m-o-m gain.

Elsewhere, orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, went up 0.2 per cent m-o-m last month after a downwardly revised 0.4 per cent m-o-m advance (from +0.7 per cent m-o-m) in February. Economists had predicted a 0.2 per cent m-o-m increase in core capital goods orders for March.

On a y-o-y basis, durable goods orders rose 0.3 per cent, while orders, excluding transportation, soared 1.3 per cent.

See also