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Durable Goods Still Suggest Slower Manufacturing Activity

Written by By Mohammed Isah | 2019-03-13 13:48:08 GMT

Durable Goods Orders Under Pressure

  • Durable goods orders rose 0.4% in January. But, looking through the often volatile gain from transportation, orders were down 0.1%.

  • After slipping for four out of five months, core capital goods orders—a gauge of future business spending—rose 0.8%. The 3-month annualized rate of this measure, however, remains weak, suggesting a more modest contribution to spending in Q1.

Slower Pace of Spending Expected

  • The survey data for manufactured goods orders have been mixed. Today's hard data on durable orders, however, provide some comfort after the recent volatile readings of the new orders component of the ISM manufacturing index.

  • Core capital goods shipments, which feed into GDP, were also up 0.8%. This gain suggests that while we expect a slower pace of spending in the first quarter, growth should remain stable.

 

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