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2026-04-07 20:36:59
[US Durable Goods Orders Unexpectedly Deteriorated to -1.4% in February, but Core Capital Goods Orders Grew Strongly by 0.6%] ⑴ US durable goods orders fell 1.4% month-on-month in February, worse than the market expectation of a 1.0% decline and the previous month's 0.5% decline. However, excluding transportation orders, orders rose 0.8%, far exceeding the expected 0.4% increase. Core capital goods orders (excluding defense capital goods and aircraft) rose 0.6%, also higher than the expected 0.4%. ⑵ Detailed data showed that general machinery orders rose 1.5%, electrical equipment fell 0.1%, and defense aircraft and parts plummeted 3.8%. Meanwhile, durable goods shipments rose 1.3%, and core capital goods shipments rose 0.9%, indicating that the actual execution of corporate equipment investment remained robust. ⑶ The overall order deterioration was mainly dragged down by Boeing orders, but the continued better-than-expected core capital goods orders suggest that manufacturing capital expenditures have not shrunk significantly. Market risk aversion ahead of the Iran deadline may have amplified the negative interpretation of the data, but structural details do not support the judgment of a hard landing for the economy.
