March Durable Goods Orders Fall 14.4% from February Levels
The preliminary report on March shipment and order data estimates shipments of durable goods were down 4.5% from February levels and down 5.2% from the first quarter of 2019. Commercial aircraft, communications equipment, electronic equipment, and appliances posted modest monthly gains in shipments relative to February according to the preliminary report. Computers and industrial machinery shipments fell marginally from the previous month.
The commercial aircraft industry posted new orders of minus $16 billion, which means cancelations are estimated to be $16 billion more than new orders in March. This is only the third time in history that aircraft orders were not greater than cancelations in a single month. In fact, this has happened fewer than five times in any major industry sector since this program was started 62 years ago.
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