The first look at durable goods orders for March

  • Prior was +1.6%
  • Ex transportation 0.0% vs +0.5% expected
  • Prior ex-transportation +1.0%
  • Capital goods orders nondefense ex air -0.1% vs +0.5% expected
  • Prior capital goods orders nondefense ex air +1.4%
  • Capital goods shipments nondefense ex air -0.7% vs +0.3% expected
  • Prior cap goods shipments nondefense ex air +1.4%
  • These numbers will be revised in the factor orders report
The headline is good but all the details are poor. And in this report, the details are what matters. The core reading shows that companies haven't ramped up investment yet while the shipments number adds a major downside risk to Q1 GDP.