The U.S. stock market is holding on to its gains and U.S. Treasury yields are edging lower after U.S. Core Durable Goods Orders rose more than expected in January.
Durable goods orders tumbled in January, indicating that consumers are pulling back spending on big-ticket items.
Sales of long-lasting goods like appliances, TVs and autos slid 4.5% for the month, worse than even the Dow Jones estimate for a 3.6% decline. That came on the heels of a 5.1% increase in December.
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Excluding a sharp decline in transportation, new orders were down 5.1%. A 13.3% slide in transportation equipment propelled the big decline, CNBC reported.
- January Durable Goods Orders fell 4.5% month-to-month to $27.38 billion versus -4.0% expected and +5.1% in December (revised from +5.6%).
- Core Durable Goods were up 0.7% versus 0.1% expected and -0.4% prior (revised from -0.1%).
- Durable Goods, excluding defense fell 5.1% versus 5.6% prior (revised from -2.3%).
- Non-defense orders, excluding aircraft was up 0.8% versus -0.3% prior (revised from -0.2%).
For a look at all of today’s economic events, check out our economic calendar.