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Saturday, June 15, 2019 4:31:04 PM EDT

Durable Orders Updated 24-May-19 08:55AM ET

Durable goods orders for April decreased 2.1% ( consensus -2.0%) while orders, excluding transportation, were unchanged ( 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.

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 Transport0.0%-0.5%-0.3%0.1%0.2%
Capital Goods-3.5%6.3%-7.3%2.2%1.8%
Nondefense/nonaircarft (core cap gds)-0.9%0.3%0.3%1.4%-1.6%
Defense Cap Goods4.8%32.6%-16.5%-7.8%-3.8%