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Economy in Brief

U.S. Durable Goods Orders Soar, Revisions Up
by Tom Moeller April 23, 2004

Durable goods orders soared 3.4% last month and the February gain was revised to 3.8% from 2.5%. Consensus expectations had been for a 0.7% rise in March orders.

Non-defense capital goods orders added 2.1% to a 4.5% February rise that was initially reported at 2.9%. Excluding aircraft and parts, orders rose 2.4% and February was revised to 2.8% from 1.1%.

Machinery orders surged 3.1% (17.1% y/y) and February now shows a 3.8% increase versus the advance 1.3% gain. Orders for electrical equipment, appliances & components rose 0.8% (3.8% y/y) following a 3.0% February gain, revised from -0.4%.

Orders for computers & electronic products rose 0.2% (14.9% y/y) and February is now pegged at 2.7% versus the advance report of a 1.2% gain.

Excluding the transportation sector durable goods orders jumped 3.3% (+14.2% y/y).

Shipments of durable goods surged 3.2% (11.3% y/y) following an upwardly revised 1.7% February gain. Excluding transportation shipments jumped 4.1% (12.1% y/y).

Durable inventories edged up 0.1% (-1.8% y/y).

NAICS Classification Mar Feb Y/Y 2003 2002 2001
Durable Goods Orders 3.4% 3.8% 13.1% 2.6% -1.7% -10.5%
  Non-defense Capital Goods 2.1% 4.5% 14.0% 5.6% -7.2% -15.5%
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