- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller January 28, 2016
New orders for durable goods tumbled 5.1% (-0.6% y/y) during December following a -0.5% decline in November, revised from little change in the advance report. A 0.2% decline had been expected in the Action Economics' Forecast Survey. A 3.3% decline in orders during all of last year similarly emphasizes the factory sector's difficulties.
A 12.4% decline (+5.5% y/y) in transportation sector orders led the weakness in the report. Orders from the Defense Department for aircraft stumbled by roughly two-thirds (-38.4% y/y). Nondefense aircraft orders declined 28.4% (+67.9% y/y) and motor vehicle & parts orders eased 0.4% (+4.5% y/y).
Outside of the transportation, orders were similarly weak last month. A 1.2% decline (-3.2% y/y) reflected a 5.6% drop in machinery orders (-6.2% y/y), the fourth decline in five months. Computer & electronic product bookings fell 2.0% (+7.5% y/y). Fabricated metals orders eased 0.5% (-5.3% y/y). To the upside, primary metals orders gained 0.3% (-15.7% y/y) following sharp declines in five of the prior six months. Electrical machinery orders increased 2.1%, but they still were down 7.7% y/y. Nondefense capital goods orders gained 0.5% (-0.1% y/y), though excluding aircraft, orders dropped 4.3% (-7.5% y/y).
Shipments of durable goods declined 2.2% (-2.5% y/y), although excluding transportation they were little changed (-2.7% y/y). Unfilled orders declined 0.5% (-1.9% y/y) and excluding transportation, they also fell 0.5% (-2.2% y/y). Inventories backed up 0.5% (-0.1% y/y), but that followed five straight months of decline.
The durable goods figures are available in Haver's USECON database. The Action Economics consensus forecast figure is in the AS1REPNA database.
|Durable Goods NAICS Classification||Dec||Nov||Oct||Dec Y/Y||2015||2014||2013|
|New Orders (SA, %)||-5.1||-0.5||2.8||-0.6||-3.3||6.8||2.2|
|Total Excluding Transportation||-1.2||-0.5||0.5||-3.2||-2.5||7.2||0.1|
|Nondefense Capital Goods||-15.0||-8.1||12.0||-12.3||-10.3||6.6||2.8|