US durable goods orders for February 2021:
- Prior was +3.4% (revised to +3.5%)
- Durables ex transportation -0.9% vs +0.5% expected
- Prior ex transportation +1.3% (revised to +1.6%)
- Capital goods orders non-defense ex-air -0.8% vs +0.5% expected
- Prior capital goods orders non-defense ex-air +0.4% (revised to +0.6%)
- Capital goods shipments non-defense ex-air -1.0% vs -1.0% expected
- Prior capital goods shipments non-defense ex-air +1.8% (revised to +1.9%)
This is a soft report and the first big miss in awhile but the market reaction has been minimal. This is the first decline since last April so the market is likely to forgive it, especially if the Markit manufacturing survey at 1345 GMT is strong.
