After February's surprise (weather-impacted) tumble, Durable Goods Orders were expected to rebound strongly in preliminary March data but they were disappointed. Against expectations of a sturdy 2.3% MoM jump, Durable Goods Orders rose just 0.5% MoM (orders were revised up modestly to -0.9% for Feb. from -1.2%)...
Due to base effects, Durable Goods Orders surged 25.6% YoY, the biggest jump since 2014 (big Boeing orders).
Core capital goods orders, a category that excludes aircraft and military hardware and is seen as a barometer of business investment, rose just 0.9% (almost half the expected 1.7% jump) after a revised 0.8% decline.
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