Global| May 23 2002Durable Goods Orders Rose Broadly
by:Tom Moeller
|in:Economy in Brief
Summary
Durable goods orders rose more than expected last month. The March gain was revised up from a slight decline reported initially. The figures no longer include orders for semiconductors after Intel Corp. and other chipmakers stopped [...]
Durable goods orders rose more than expected last month. The March gain was revised up from a slight decline reported initially. The figures no longer include orders for semiconductors after Intel Corp. and other chipmakers stopped taking part in the voluntary government survey.
Orders for nondefense capital goods rose strongly following a March decline that was revised deeper. Orders for aircraft and parts fell 37.1% after rising 6.4% in March.
Orders for electrical equipment rose 7.6% to the highest level since last August. Orders for transportation equipment fell 2.6% due to lower aircraft orders but orders for motor vehicles and parts rose 12.0%. Orders for computers and electronic products rose 2.5% to the highest level since last June.
Orders for defense goods fell 33.3%. Excluding defense, durable orders rose 3.4%. to the highest level since last July.
Durable shipments rose 3.5% continuing a moderate recovery.
Durable inventories fell 0.3% and are down 2.8% this year.
| NAICS Classification | April | Mar | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Durable Goods Orders | 1.1% | 0.2% | -0.8% | -12.0% | 6.3% | 5.3% |
| Nondefense Capital Goods | 1.9% | -3.1% | -12.4% | -17.2% | 14.4% | 3.5% |
by Tom Moeller May 23, 2002
Initial claims for unemployment insurance fell slightly less than expected in the latest week. The prior week's level was revised up.
The latest figure is for the May nonfarm payroll survey period. Claims fell versus April but comparisons are distorted by the extended benefits program.
Continuing claims for unemployment insurance rose to a new cycle high following a strong gain the prior week.
The four-week moving average of initial claims fell slightly to 420,000.
The insured rate of unemployment was stable at 3.0%.
| Unemployment Insurance (000s) | 5/18/02 | 5/11/02 | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Initial Claims | 416.0 | 425.0 | 2.0% | 405.8 | 299.8 | 297.7 |
| Continuing Claims | -- | 3,879 | 35.9% | 3,021 | 2,114 | 2,186 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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