Keeping you up to date on the latest data releases.
- Durable Goods
New orders for durable goods slipped down 4.0 percent (nonannualized rate) in January, more than reversing a 3.2 percent increase in December. However, durables orders have increased in three out of the last four months and are up 8.1 percent over the past year. Excluding transportation, new durables orders fell 3.2 percent in January and are up 5.7 percent over the last 12 months. An important signal of future equipment and software investment—new orders of nondefense capital goods excluding aircraft—fell sharply in January, plummeting 4.5 percent and more than offsetting December’s 3.4 percent gain. While the 12-month growth rate in the series stands at 5.9 percent, most of that strength occurred over the first half of last year. The 6-month annualized growth rate in nondefense capital goods excluding aircraft is actually negative (down 2.7 percent), a clear signal of slowing equipment and software investment. Shipments of durables rose 0.4 percent in January, slowing a bit from a 1.9 percent gain in December. Excluding transportation, durables shipments fell 1.1 percent during the month, though are still up 8.3 percent over the past year. Manufacturers’ inventories continued to swell in January, rising 0.7 percent, and remain somewhat elevated relative to the level of shipments. The inventory-to-shipments ratio ticked up slightly to 1.79 months in January, above its pre-recession level of 1.4 months.