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Durable goods drop in February

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Durable goods drop in February

But business spending is solid during April.

New orders for manufactured durable goods in April decreased 0.5%, the U.S. Census Bureau announced today. The decrease was largely due to a dearth of orders for aircraft.

Analysts had expected a decrease of 0.2%.

However, non-defense capital goods orders excluding aircraft - so-call “core capital goods orders -  increased 1.0% during the month, following a revised 1.5% increase in March. 

Analysts had estimated an increase in core capital goods orders of 0.4%. 

The increase in core capital goods orders is particularly encouraging, as it is generally considered a solid gauge of business spending.  Given the relative weakness of first quarter growth and the fairly tepid economic data for April so far, it may provide more optimism for growth going forward.   

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