WASHINGTON — The latest U.S. durables orders report was about as expected, showing a dip overall but better underlying data that sets up second quarter manufacturing for gains.
April durables orders posted a 0.5% decline, continuing its sideways seesaw. The data include benchmark revisions that still suggest a stalling in overall orders since last fall, probably results of a strong dollar and a worsening oil sector.
Boeing Corp reported 37 new orders for commercial aircraft in April, down slightly from 39 in March. Nondefense aircraft orders were down 4% in the official data, about in line.
Core orders were slightly higher, with ex-transportation orders up 0.5% in April in a second gain and ex-defense up 0.2% in its third gain in four months. The former had significant upward revision in March, to a 0.6% increase.
Weakness was seen in computers at a 3.6% decrease and electronics at a 1.5% slide. These suggest consumer goods are not selling very well. Strength was seen in metals at a 1% gain and machinery at a 3.1% rise, with both categories showing their biggest gains since summer 2014.
Nondefense capital goods shipments posted a 1.6% increase in a good start to Q2 capital spending.
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