New orders for US-manufactured capital goods unexpectedly dropped in February, as shipments slowed, but demand for goods remain solid.
- Orders for non-defense capital goods excluding aircraft, edged down 0.3% last month. These so-called core capital orders rose 1.3% in January.
- Shipments of core capital goods rose 0.5% last month after expanding 2.1% in January. Core capital goods shipments are used to estimate equipment spending in GDP measurement.
- Demand for goods remains solid even as spending is moving back to services, keeping manufacturing growth. But the sector continues to struggle with supply bottlenecks.
- Orders for durable goods dropped 2.2% after expanding 1.6% in January. The decline comes after a 5.6% decline in orders for transportation equipment that followed a 3.2% increase in January.
Motor vehicle orders dropped by 0.5% after dropping 0.7% in January. Orders for the volatile civilian aircraft category plunged 30.4% after rising 10.9% in January.
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Source: US Census Bureau