Durable goods orders for April decreased 2.1% (Briefing.com consensus -2.0%) while orders, excluding transportation, were unchanged (Briefing.com consensus 0.2%).
Shipments of nondefense capital goods orders, excluding aircraft -- the component that factors into GDP estimates -- were unchanged in April after decreasing 0.6% in March.
New orders for primary metals decreased 0.8% in April after falling 1.9% in March.
New orders for fabricated metals increased 0.4% in April after decreasing 1.6% in March.
New orders for machinery increased 0.1% in April after decreasing 2.0% in March.
Transportation equipment orders fell 5.9% in April after increasing 5.9% in March.
The key takeaway from the report is that orders for nondefense capital goods, excluding aircraft, decreased 0.9% while the previous month's increase was revised down to 0.3% from 1.3%. These orders are a proxy for business spending, so it can be said that business spending decelerated in April after a smaller than previously estimated increase in March.
| APR | MAR | FEB | JAN | DEC | |
|---|---|---|---|---|---|
| Total Durable Orders | -2.1% | 1.7% | -2.6% | 0.5% | 1.1% |
| Less Defense | -2.5% | 0.1% | -2.1% | 1.3% | 1.5% |
| Less Transport | 0.0% | -0.5% | -0.3% | 0.1% | 0.2% |
| Transportation | -5.9% | 5.9% | -6.7% | 1.3% | 2.9% |
| Capital Goods | -3.5% | 6.3% | -7.3% | 2.2% | 1.8% |
| Nondefense | -5.0% | 2.6% | -5.9% | 4.0% | 2.8% |
| Nondefense/nonaircarft (core cap gds) | -0.9% | 0.3% | 0.3% | 1.4% | -1.6% |
| Defense Cap Goods | 4.8% | 32.6% | -16.5% | -7.8% | -3.8% |
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