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- US: GDP by Industry (Q4)
- Realtors Confidence Index Survey (Mar)
- US: Existing Home Sales (Mar)
- Manufacturing Survey - Markit US (Flash - Mar), Composite and Services Survey - Markit US (Flash - Mar)
- Mexico: National Employment Survey(Mar)
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by Tom Moeller March 24, 2017
New orders for durable goods rose 1.7% (5.0% y/y) during February following a 2.3% January gain, initially reported as 1.8%. A 1.2% increase in orders had been expected in the Action Economics Forecast Survey.
The headline rise in orders again reflected strength in the transportation sector where a 4.3% increase was driven by a 47.6% jump in orders for nondefense aircraft & parts. Bookings for defense aircraft declined 12.8% and orders for motor vehicles & parts eased 0.8%. Excluding the transportation sector altogether, orders increased 0.4% (4.6% y/y) and have been rising since June.
Nondefense capital goods orders increased 4.1%. Excluding the rise in aircraft, orders dipped 0.1%.
Two areas of strength in orders last month were the metals sector where primary metals orders jumped 2.1% (6.0% y/y), and electrical equipment orders rose 2.2% (2.9% y/y). In other areas, orders were soft. Fabricated metals orders eased 0.4% (+5.7% y/y), but machinery orders improved 0.1% (5.1% y/y). Orders for computers & electronic products slipped 0.2% (+5.3% y/y) as computers & related product orders rose 1.6% (-3.1% y/y). Communications & equipment orders fell 3.8% (+5.5% y/y).
Shipments of durable goods improved 0.3% (2.7% y/y) following a 0.1% slip. Excluding the transportation sector, shipments gained 0.6% (4.5% y/y). Unfilled durable goods orders remained unchanged (-1.4% y/y) while excluding transportation, order backlogs gained 0.2% (2.4% y/y). Inventories of durable goods increased 0.2% (-0.1% y/y) while less transportation inventories increased 0.3% (0.8% y/y)
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||Feb||Jan||Dec||Feb Y/Y||2016||2015||2014|
|New Orders (SA, %)||1.7||2.3||-0.9||5.0||-0.4||-2.9||4.8|
|Total Excluding Transportation||0.4||0.2||0.9||4.6||-0.4||-2.3||3.8|
|Nondefense Capital Goods||4.1||5.3||3.5||6.7||-5.2||-9.6||1.2|