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Core Durable Goods Orders In Line For A Third Flat Quarter

US DATA
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  • Core durable goods orders increased the 0.2% M/M expected in the March preliminary data, but it followed a downward revised 0.4% M/M in Feb (initially 0.7%).
  • Core shipments also increased 0.2% M/M as expected after an unrevised -0.6% M/M after some recent volatility.
  • Trend rates show shipments rising 2% annualized in Q1 after 0.0% in Q4, but a third consecutive flat quarter for orders suggests the increase in shipments won’t be sustained.
  • We have noted multiple times though the disconnect with ISM manufacturing readings still in contraction territory despite improving in recent months.
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  • Core durable goods orders increased the 0.2% M/M expected in the March preliminary data, but it followed a downward revised 0.4% M/M in Feb (initially 0.7%).
  • Core shipments also increased 0.2% M/M as expected after an unrevised -0.6% M/M after some recent volatility.
  • Trend rates show shipments rising 2% annualized in Q1 after 0.0% in Q4, but a third consecutive flat quarter for orders suggests the increase in shipments won’t be sustained.
  • We have noted multiple times though the disconnect with ISM manufacturing readings still in contraction territory despite improving in recent months.