Updated: 27-Feb-23 09:39 ET
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Updated: 27-Feb-23 09:39 ET |
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Highlights
- Durable goods orders declined 4.5% month-over-month in January (Briefing.com consensus -3.9%) following a downwardly revised 5.1% increase (from 5.6%) in December.
- Excluding transportation, durable goods orders rose 0.7% month-over-month (Briefing.com consensus +0.1%) following a downwardly revised 0.4% decline (from -0.1%) in December.
Key Factors
- New orders for nondefense aircraft and parts declined 54.6% month-over-month after increasing 105.6% in December.
- New orders for primary metals increased 0.5% month-over-month after declining 0.4% in December.
- New orders for machinery jumped 1.6% month-over-month following a 2.2% decline in December.
- New orders for fabricated metal products improved 0.1% month-over-month after declining 0.4% in December.
- New orders for computers and electronic products increased 0.5% month-over-month after declining 0.7% in December.
Big Picture
- The key takeaway from the report was the strength seen in nondefense capital goods orders, excluding aircraft -- a proxy for business spending. Those orders were up 0.8% month-over-month following a 0.3% decline in December. Shipments of these same goods, which factor into GDP forecasts, were up a healthy 1.1% after declining 0.6% in December.
Category |
JAN |
DEC |
NOV |
OCT |
SEP |
Total Durable Orders |
-4.5% |
5.1% |
-1.8% |
0.7% |
0.2% |
Less Defense |
-5.1% |
5.6% |
-2.3% |
0.4% |
1.3% |
Less Transport |
0.7% |
-0.4% |
0.0% |
0.1% |
-0.9% |
Transportation |
-13.3% |
15.8% |
-5.2% |
1.9% |
2.3% |
Capital Goods |
-12.8% |
14.6% |
-4.6% |
1.4% |
0.5% |
Nondefense |
-15.3% |
17.5% |
-6.6% |
1.0% |
3.7% |
Nondefense/nonaircarft (core cap gds) |
0.8% |
-0.3% |
-0.2% |
0.3% |
-0.7% |
Defense Cap Goods |
3.8% |
-1.3% |
8.2% |
4.2% |
-16.6% |