US Durable Goods Orders Plunge Most Since 2020 COVID Collapse

After four straight months of growth, analysts expected US durable goods orders to decline in February and they did but far more than expected (tumbling 2.2% MoM vs -0.6% MoM expected).

Source: Bloomberg

That is the biggest MoM drop since April 2020.

This drop came despite a 60.1% surge in defense aircraft new orders (offset by a 30.4% drop in non-defense aircraft orders).

Source: Bloomberg

The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, also dropped notably (down 0.3% MoM vs an expected rise of 0.5%)…

Source: Bloomberg

And finally, core capital goods shipments, a figure that is used to help calculate equipment investment in the government’s gross domestic product report, rose in February but far less than expected (+0.5% MoM vs +1.0% exp)

Source: Bloomberg

Are we starting to see the impact of Russia’s invasion (and the economic warfare response) hitting the US economy?

Read further at ZeroHedge

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