Keeping you up to date on the latest data releases.
- Durable Goods
New orders for durable goods edged up 0.1 percent in April, following an upwardly revised (but still sizeable) decline of 3.7 percent in March. On a year-over-year basis, new orders are up 6.9 percent. New orders for transportation equipment rose 2.1 percent during the month, bolstering the headline estimate—which would have fallen 0.6 percent without including the category. That said, a sizeable decline in new orders for defense goods (down 19.6 percent) accounted for some of the overall weakness in April. Importantly, new orders of nondefense capital goods excluding aircraft followed up a 2.2 percent decline in March by decreasing 1.9 percent in April. The series has posted declines in four of the past six months, and is up just 2.6 percent on a year-over-year basis (its slowest growth rate since December 2009). Shipments of durables increased 0.7 percent in April, following a 1.0 percent gain in March, and are up 8.9 percent over the past year. However, after excluding transportation equipment, shipments actually fell 0.3 percent in April and are growing at an annualized trend of just 2.4 percent over the past three months. Manufacturers’ inventories continue to swell, but at a slower pace. Inventories increased 0.3 percent in April and its 12-month growth rate sits at 6.8 percent, down markedly from a recent cyclical high of 12.9 percent last August.