Tepid US core capital goods orders point to weak business equipment spending

WASHINGTON, April 24 - New orders for key U.S.-manufactured capital goods increased moderately in March and data for the prior month was revised lower, suggesting that business spending on equipment likely remained weak in the first quarter.

Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.2% last month, the Commerce Department's Census Bureau said. Data for February was revised lower to show these so-called core capital goods orders advancing 0.4% instead of 0.7% as previously reported.

Non-defense capital goods orders surged 5.4% after rising 2.7% in February. But shipments of these goods slumped 1.5% after increasing by a downwardly revised 2.4% in February. Economists polled by Reuters estimated that GDP increased at a 2.4% annualized rate in the first quarter. The economy grew at a 3.4% pace in the October-December quarter. Business spending on equipment likely contracted for a third straight quarter.

Transportation dominated the rise in orders last month, with bookings shooting up 7.7% after rising 1.8% in February. They were lifted by a 30.6% jump in civilian aircraft orders after increasing 15.6% in the prior month.

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