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US durable goods orders report shows broad based slowdown in February

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Commerce Department data released today show corporate spending as represented by durable goods orders dipped in February, indicating the manufacturing sector may not have bottomed out as thought after upbeat January figures.

    The headline number dropped 2.8% following a downwardly revised 4.2% rise seen in January.

    Non-defense capital goods orders except aircraft, a proxy for future business investment, declined 1.8%, compared to the estimated drop of 0.5%. Again, January figure was revised lower to 3.1% from 3.4%.

    Shipments of those goods, used in calculating gross domestic product, unexpectedly declined 1.1% after a revised 1.3% drop the previous month.

    Durable goods figure contradicts regional Fed manufacturing indices released so far, which have shown moderate rebound in the activity.
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