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- U.S. factory orders decline more than expected in April
U.S. factory orders decline more than expected in April
The
U.S. Commerce Department reported on Friday that the value of new factory
orders fell 0.6 percent m-o-m in April, following a revised 1.4 percent m-o-m gain
in March (originally a 1.1 percent m-o-m advance). That marked the first drop
in factory orders since April 2020.
Economists
had forecast a 0.2 percent m-o-m decrease.
According
to the report, orders for transport equipment (-6.6 percent m-o-m) demonstrated
the biggest decline in April.
Meanwhile, total
factory orders excluding transportation, a volatile part of the overall
reading, increased 0.5 percent m-o-m in April (compared to an upwardly 2.3
percent m-o-m surge in March), while orders for nondefense capital goods
excluding aircraft, a measure of business spending plans, climbed 2.2 percent
m-o-m instead
of advancing 2.3 percent m-o-m as reported last month. The report also showed that shipments of
core capital goods rose 0.9 percent m-o-m in April, unrevised from last month’s
estimate.
Overall,
durable goods orders fell 1.3 percent m-o-m in April, while orders for
nondurable goods edged up 0.1 percent m-o-m.
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