US Durable Goods Orders Jan P: 3.4% (est 1.1%; prevR 1.2%; prev 0.5%)

  




US Durable Goods Orders Jan P: 3.4% (est 1.1%; prevR 1.2%; prev 0.5%)
US Durables Ex Transportation Jan P: 1.4% (est 0.7%; prevR 1.7%; prev 1.1%)
US Cap Goods Orders Nondef Ex-Air Jan P: 0.5% (est 0.8%; prevR 1.5%; prev 0.7%)
US Cap Goods Ship Non-Def Ex-Air Jan P: 2.1% (est 0.6%; prevR 1.0%; prev 0.7%)

Another big beat from durable goods for January (and Feb was revised up) with ninth consec month of gains pushing this index (as well as the cap goods orders) well above pre-pandemic levels.

Durable Goods

Headline increase driven by transportation, up eight of the last nine months, up 7.8 percent to $85.1 billion (I've been saying just wait until Boeing gets going - new orders for aircraft and parts were up 389%(!) non-defense and 63.5% defense).  Even without transp solid gain of 1.4% and 2.3% excl defense. Manf was up 4.8%, metals +3.2%, electrical equipment and appliances +4.2%.  Largest decrease was communications equip down almost 10%. Computers  and Machinery were around flat levels.  

Y/y total new orders now up 4.5%, ex-transp up 6.6% and ex defense up 3.1%. 

Shipments also were up for 8th month of last 9 increasing 2% headline, led by machinery up 3.6% but all areas were up except for communications equipment and auto parts.

Capital Goods

Non-defense capital goods orders were up a massive 6.5% again driven by transp but even outside of transp this proxy for business spending was up a solid 2.1%.  These are now up 11.6% y/y, 6.8% ex-defense, 8.3% ex-defense and aircraft.



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