2023-04-26 13:08:28
By Le Figaro with AFP
Published update
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Durable goods orders picked up once more in UNITED STATES in March, following two months of decline, notably under the effect of transport equipment, according to data published on Wednesday by the US Department of Commerce. The total amount of orders amounted to 276.4 billion dollars, or 3.2% for better than in February, month for which the data were also revised slightly downwards (-1.2% once morest -1% initially announced).
March orders were well ahead of analysts’ expectations, which were instead anticipating a modest rise of 0.7%, according to the consensus published by briefing.com. “Orders were higher than expected but remained weak to end the first quarter, as were deliveries,” HFE chief economist Rubeela Farooqi said in a note.
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Excluding transport, whose activity is strongly linked to the number of aircraft ordered and delivered from one month to the next, the increase is more modest, around 0.3%, but here once more higher than expected, the consensus rather expecting a slight decline (-0.1%). This sector saw a rise of 9.1% over one month, also following two consecutive months of decline, in particular under the effect of a very sharp increase in orders for civil aircraft.
In mid-March, two Saudi airlines, Saudia and Riyadh Air, placed an order for 78 Boeing 787 Dreamliners. If we exclude the defense sector this time, the rise also remains strong, at 3.5% compared to February, a sign of the more limited impact of military orders. As for deliveries, the trend is once once more on the rise, following two months of decline, once once more benefiting from the transport sector, in particular air transport.
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Persistent inflation
On the other hand, business inventories are down slightly, by 0.9% over one month, while unrealized orders are up slightly (+0.4%), for the thirtieth month out of the last 31. “We see a downward trend that is reinforced by the obstacles that companies are facing, in particular due to rising borrowing costs and a growth trajectory that is unclear,” added Rubeela Farooqi.
The Federal Reserve (Fed) has been steadily raising rates to combat persistent inflation, still at 5% in March according to the CPI, the lowest in almost two years but still too high compared to the 2% target from the Fed. Its officials are due to meet next week to decide whether or not to raise rates once more, now between 4.75 and 5%, the highest since 2007. a quarter point, according to CME Group’s assessment.
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