Keeping you up to date on the latest data releases.
- Factory Orders
New orders for manufactured goods increased 0.6 percent (nonannualized) in February, following a relatively large 2.5 percent jump in January, its sixth consecutive gain. Unlike January’s increase, which was mostly due to a spike-up in aircraft orders, new orders excluding transportation rose 0.7 percent in February, and are now up 9.2 percent over the past year. Orders for nondefense capital goods excluding aircraft rebounded from a sharp 4.4 percent decrease in January, rising 2.0 percent in February. That said, its recent trend has been slowing. The 3-month annualized growth rate in nondefense capital goods orders excluding aircraft, has slipped from a recent peak of 21.3 percent in November to 1.9 percent as of February, well below its year-over-year growth rate of 8.2 percent. Manufacturers’ shipments fell 0.1 percent during the month (its first decline in six months), while inventories rose 0.5 percent. This lead to the first uptick in the I/S ratio for manufactured goods since May 2009, which increased from 1.28 months to 1.29 months in February.