US durable goods orders fall in February
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The news: Demand for US durable goods declined 1.4% in February, according to data released by the US Commerce Department on Tuesday.
The numbers: The data saw total orders for durable goods reached USD315.5 billion in February, a 1.4% decline from the USD319.9 billion reached in January. January’s figures was revised down and saw a 0.5% decrease from December.
The decline was led by transportation equipment which fell off 5.4%. Excluding transportation, new orders increased 0.8%.
The context: US orders for business equipment, however, rebounded in February, signalling that companies were pushing ahead with investment plans prior to the outbreak of war in Iran.
Bookings for non-defence capital goods excluding aircraft, a proxy for investment in equipment, increased 0.6% after a downwardly revised 0.4% decline a month earlier.
The sources: US Census Bureau, WSJ, Bloomberg
