Key Durable Goods Numbers
- February orders increased 2.2 percent but economists expected a 3 percent rise.
- January durable goods orders fell 3.6 percent.
- Orders for non-defense capital goods excluding aircraft rose 1.2 percent. Analysts' expected of a 2.0 percent gain.
- Non-defense capital goods' orders fell 5.2 percent in January.
- Excluding transportation which had an unsustainable sharp increase in civilian plane orders, durable goods orders were only up 1.6%.
- Boeing received 237 aircraft orders in February, up from 150 in January, accounting for the 3.9 percent jump in transportation orders.
- Motor vehicles and parts orders rose 1.6%.
- Inventories of manufactured durable goods rose for the twenty-six consecutive month and are now at the highest level since the series was first published on a NAICS basis in 1992
High inventories and falling demand for non-defense capital goods' orders does not portend well for future GDP growth.
Mike "Mish" Shedlock
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