US Durable Goods Orders Post A Massive Decline, But That Came Mainly From Transportation
US durable goods orders posted a are decline for March as expected, but the details are not so horrible
US durable goods orders have been volatile since September last year, turning from positive to negative often. But, we also have seen some decent increases in recent months. Although, it was evident that in march durable goods orders were going to post some major declines, as businesses close down, which they did. Below is durable goods orders report for March:
US March prelim durable goods orders
- March prelim durable goods orders -14.4% vs -12.0% expected
- Prior was +1.2%
- Ex transport -0.2% vs -6.5% exp
- Prior ex transport -0.6% (revised to -0.7%)
- Capital goods orders non-defense ex air +0.1% vs -6.7% exp
- Prior capital goods orders non-defense ex air -0.9% (revised to -0.8%)
- Capital goods shipments non-defense ex air -0.2% vs -0.7% exp
- Prior capital goods shipments non-defense ex air -0.8% (revised to -0.9%)
As shown above, orders declined by a massive 14.4%, which is even bigger than expectations, which were for a 12% decline. But, the positive thing here is that almost all the contraction in orders has come form transportation orders. With people being locked down and the lock-down lasting for who knows how long, there are hundreds of millions of vehicles which are left to rot. So, as long as the lock-down lasts, orders for vehicles will be low.
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