ECM: US March Durable Goods Orders Rise 0.7%, Core Orders Edge Lower
Headline US durable goods orders rose 0.7% for March compared with expectations of a 1.3% gain for the month. The gain followed an upwardly-revised 2.3% increase for February to give a 3.4% annual increase.
Underlying orders, excluding transport, declined 0.2% on the month compared with an expected increase of 0.4% for the month. The decline followed a slight upward revision for February to 0.7% and there was a 3.7% annual increase.
Capital goods orders excluding aircraft increased 0.2% on the month with a 2.1% annual gain which was slightly below market expectations.
Shipments rose 0.2% for March and have increased for four of the last five months.
Unfilled orders increased 0.2% following a 0.1% gain for February while the increase in inventories was held at 0.1% for the month.
The Federal Reserve was slightly more optimistic surrounding investment trends in the March FOMC meeting, although there is no evidence of a significant increase in capital spending despite an underlying increase in business confidence.
The data overall is likely to have little short-term impact on monetary policy considerations.
The dollar edged higher against the yen following the release, although ECB President Draghiâ€™s press conference overshadowed the data as US Treasuries dipped into negative territory with 10-year yields at 2.32%.