U.S. core capital goods orders rise slightly in March

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New orders for key U.S.-manufactured capital goods increased moderately in March, suggesting that business spending on equipment likely remained weak in the first quarter. Non-defense capital goods orders excluding aircraft rose 0.2% last month, in line with economists' expectations. Core capital goods orders gained 0.6% year-on-year in March. Business spending on equipment has struggled in the aftermath of interest rate hikes from the Federal Reserve. Core capital goods shipments rebounded 0.2% after falling 0.6% in February. Non-defense capital goods orders surged 5.4% after rising 2.7% in February. Economists estimated that GDP increased at a 2.4% annualized rate in the first quarter. Orders for durable goods rose 2.6% in March. Transportation dominated the rise in orders last month, with bookings shooting up 7.7%. Boeing reported that it had received 113 orders for commercial aircraft, a surge from just 15 in February.

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