U.S. durable goods orders increase solidly before coronavirus

Reuters ^ | March 25, 2020 | by Lucia Mutikani

[Oldeconomybuyer]

WASHINGTON - New orders for long-lasting U.S. manufactured goods unexpectedly rose in February, but are set to decline as strict measures to contain the coronavirus pandemic sap demand and push the economy into recession.

Orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, accelerated 1.2% last month, the Commerce Department reported on Wednesday. Data for January was revised up to show durable goods orders gaining 0.1% instead of slipping 0.2% as previously reported. Economists polled by Reuters had forecast durable goods orders dropping 0.8% in February.

A survey by data firm IHS Markit on Tuesday showed its gauge of U.S. factory activity dropped in March to its lowest level since August 2009. The abrupt stop in business activity has led analysts to predict that the economy was already in recession.

Durable goods orders rose 0.4% on a year-on-year basis in February. Monthly durable goods orders were boosted by a 4.6% rebound in orders for transportation equipment, which followed a 0.9% decline in January.

Orders for civilian aircraft slipped 0.3% last month after soaring 356.7% in January. Motor vehicles and parts orders accelerated 1.8% in February after falling 0.5%.

Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.8% in February after rising by a slightly downwardly revised 1.0% in January. These so-called core capital goods orders were previously reported to have increased 1.1% in January.

[Oldeconomybuyer]

[Empire_of_Liberty]

You mean while China was welding people into their homes, the markets had to buy American.

[CivilWarBrewing]

..possibly more evidence that this CoronaVirus madness was/is a Chinese/Soros media CONSPIRACY meant to UTTERLY DESTROY America's economic successes under Trump.

As for Italy being a part of this SINISTER PLOT, Italy was one of the countries INVOLVED IN RUSSIA GATE!!!

[LS]

Durable goods orders rise.

(Dammit!)

[ridesthemiles]

The saddest part of this whole story is that “Items that last 3 years” are considered DURABLE.

I have a toaster that My Dad gave me in 1977. Works fine.

I have a ref/freezer I bought in Nov 1965. Works fine.

Have a pair—Ref/freezer & upright freezer—vintage 1972. Both work fine.

Just replaced a Mitsubishi color TV that was at least 35 years old.

Replaced a Maytag microwave in Dec 2018 that was 30 years old.

Doesn’t say much about quality of today’s ‘durable goods’ does it.??