United States Durable Goods Orders

New orders for manufactured durable goods in the United States rose by 1.4% month-over-month in February 2024, more than market expectations of a 1.1% increase and after a downwardly revised 6.9% fall in January. Orders rebounded for transportation equipment (3.3 percent vs -18.3 percent), namely motor vehicles and parts (1.8% vs -0.5 percent); machinery (1.9 percent vs -0.8 percent); fabricated metal products (0.8 percent vs -1.2 percent); primary metals (0.8 percent vs -1.2 percent); and capital goods (1.9 percent vs -17.1 percent). Excluding transportation, new orders increased 0.5 percent. Excluding defense, new orders increased 2.2 percent. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 0.7%, after a 0.4% decrease in January.