Global| Apr 23 2004U.S. Durable Goods Orders Soar, Revisions Up
by:Tom Moeller
|in:Economy in Brief
Summary
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 [...]
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% |
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.
