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Zero Hedge
ZeroHedge
26 Mar 2024


NextImg:Durable Goods Orders Rebound In Feb From January Collapse, Defense Spending Slides

After crashing in January (driven by the collapse in Boeing orders), durable goods orders (preliminary) for February rose 1.4% MoM (better than the +1.0% MoM exp), and notably swinging from a downwardly revised 6.9% MoM plunge in January (from -6.2%)...

Source: Bloomberg

That dragged the headline orders up 4.6% YoY. Ex-Transports also beat, rising 0.5% MoM (vs +0.4% exp) and up 1.3% YoY.

Non-defense aircraft orders jumped 24.6% MoM as it seems people are ordering Boeings again? Defense spending tumbled 12.7% MoM...

Source: Bloomberg

Computer & related products saw another big MoM rise as perhaps this is the AI cycle showing up in the data...

Source: Bloomberg

On the bright side, core capital goods shipments, a figure that is used to help calculate equipment investment in the government’s gross domestic product report, continued its strong bounce back from YoY contraction in December. However, on a seasonally-adjusted basis, core capital goods shipments fell 0.4% MoM

Source: Bloomberg

The YoY rebound is not exactly a signal that portends rate cuts!