- Capital goods orders ex defence +0.2% v +0.8% exp m/m
- Durables Ex-transport -1.4% m/m v +0.5% exp
- Ex defence -4.7% m/m v -2.3% exp
- March machinery orders -1.4% m/m
Dollar down against the yen posting lows to 99.36
Headline figure is the biggest decline since August
February revisions
- Cap goods ex-air revised down to -4.8% from -3.2%
- Durable goods down to +4.3% from +5.6
- DG ex-trans down to -1.7% from -0.7%
- Ex-defence down to +3.4% from +4.4%
Not a very good print and neither are the revisions.
The capital goods ex-defence revisions will be particularly alarming as they are the best indicator for business investment.