Durable Goods Orders Rise, But Core Capex Tanks

Total orders rose 5.7 percent, versus expectations of a 3.9 percent rise. Last month's number was revised up to -3.8 percent from -5.2 percent.

Nondefense capital goods orders excluding aircraft and parts, however, declined 2.7 percent, versus expectations of a drop of only 1.1 percent. Last month's figure was revised up to 6.7 percent growth from 6.3 percent.

Below is the full text from the release:

New Orders

New orders for manufactured durable goods in February increased $12.4 billion or 5.7 percent to $232.1 billion, the U.S. Census Bureau announced today. This increase, up five of the last six months, followed a 3.8 percent January decrease. Excluding transportation, new orders decreased 0.5 percent. Excluding defense, new orders increased 4.5 percent.

Transportation equipment, up two of the last three months, drove the increase, $13.3 billion or 21.7 percent to $74.4 billion. This was led by nondefense aircraft and parts, which increased $9.0 billion.

Shipments

Shipments of manufactured durable goods in February, up five of the last six months, increased $2.2 billion or 1.0 percent to $229.3 billion. This followed a 0.7 percent January decrease.

Transportation equipment, up three of the last four months, had the largest increase, $1.0 billion or 1.6 percent to $66.0 billion. This followed a 1.9 percent January decrease.

Unfilled Orders

Unfilled ordersfor manufactured durable goods in February, up five of the last six months, increased $9.4 billion or 0.9 percent to $999.8 billion. This increase followed a 0.1 percent January decrease.

Transportation equipment, also up five of the last six months, led the increase, $8.4 billion or 1.4 percent to $592.3 billion.

Inventories

Inventories of manufactured durable goods in February, up sixteen of the last seventeen months, increased $1.6 billion or 0.4 percent to $376.9 billion. This was at the highest level since the series was first published on a NAICS basis in 1992 and followed a 0.3 percent January increase.

Transportation equipment, up thirty-one consecutive months, drove the increase, $1.8 billion or 1.6 percent to $118.0 billion.

Capital Goods

Nondefense new orders for capital goods in February increased $7.4 billion or 10.0 percent to $80.8 billion. This was the largest increase in five months. Shipments increased $0.1 billion or 0.2 percent to $70.8 billion.

Unfilled orders increased $10.0 billion or 1.7 percent to $596.9 billion. Inventories increased $1.1 billion or 0.6 percent to $175.5 billion.

Defense new orders for capital goods in February increased $3.3 billion or 68.0 percent to $8.1 billion.

Shipments increased $0.4 billion or 4.8 percent to $8.4 billion. Unfilled orders decreased $0.2 billion or 0.1 percent to $167.8 billion. Inventories increased $0.6 billion or 2.8 percent to $22.2 billion.

Revised January Data

Revised seasonally adjusted January figures for all manufacturing industries were: new orders, $475.2 billion (revised from $472.9 billion); shipments, $482.6 billion (revised from $481.8 billion); unfilled orders, $990.4 billion (revised from $988.9 billion); and total inventories, $618.8 billion (revised from $618.4 billion).

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ORIGINAL: Heads up! We are just minutes away from the first big economic data release of the day in the United States: February durable goods orders data, due out at 8:30 AM ET.

Economists predict total orders expanded 3.9 percent in February after falling 4.9 percent in January.

Nondefense capital goods orders excluding aircraft and parts (a.k.a. "core capex") are expected to have fallen 1.1 percent in February after rising 7.2 percent in January.

We will have all of the data LIVE at 8:30 AM ET. Click here to refresh for the latest >