Highlights of the March 2021 preliminary durable goods orders report:
- Prior was -1.2% (revised to -0.9%)
- Durables ex transportation +1.6% vs +1.6% expected
- Prior ex transportation -0.9% (revised to -0.3%)
- Capital goods orders non-defense ex-air +0.9% vs +1.8% expected
- Prior capital goods orders non-defense ex-air -0.9% (revised to -0.8%)
- Capital goods shipments non-defense ex-air +1.3% vs +1.5% expected
- Prior capital goods shipments non-defense ex-air -1.1%
This is a bit of a disappointment. Survey measures of orders have been very strong but there's been some moderation in the hard data in Feb/March. I don't think that's enough to rattle the market but it's something to keep an eye on. Overall, orders are up in 10 of the past 11 months following the massive contractions a year ago.
