25 April 2001, 16:37  U.S. March durable orders surprisingly strong at +3.0%

WASHINGTON (MktNews) - The U.S. March durable orders report came in surprisingly strong at +3.0%, but the gain was concentrated in transportation in orders that might be a one-time phenomenon. Durables orders posted their first increase since December, after falling a revised 0.3% in February. Transportation was up 21.4% and all its sub-categories rose, led by ships and tanks. All other orders sectors fell, and ex-transportation orders were off 1.8% in their third drop in four months (February was flat), showing the factory sector remains weak. Nondefense capital goods orders rose 5.2% but that gain reflects Boeing's 55 orders which boosted civilian aircraft orders by almost 46%. Boeing Company reported 55 orders in March, up from 17 in February and 48 in January. Overall shipments were up 0.1%. But data which suggest the economy remains weak include the 1.7% drop in primary metals orders, the 5.3% drop in electronics orders, and the 0.7% drop in industrial machinery orders. Orders revisions are due May 21 and will reflect new classifications and benchmarking. The median estimate in a Market News International poll of economists was for a 1.0% gain in durables orders.

© 1999-2024 Forex EuroClub
All rights reserved