New orders sink 14.4%, most in six years while Ex-transport purchases fall 0.2%, much less than forecast. Markets were priced for disaster, according to FXStreet’s analyst Joseph Trevisani.
Key quotes
“Overall purchases for items as diverse as lawn tractors, home freezers, and airliners fell 14.4%, more than the -11.9% median forecast, and following a revised 1.2% gain in February.”
“Orders excluding the transportation sector, in practice the aircraft business of Boeing Company of Chicago, dropped just 0.2% far less than the 5.8% median estimate. The airplane manufacturer saw cancellations of $16.3 billion in plane orders in March.”
“Core capital goods, climbed 0.1%, a 6% decline had been forecast. Shipments in this category fell by 0.2%.”
“Market reactions was muted as US economic figures have lost much of their ability to shock after the labor market debacle from the shutdown orders.”
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