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U.S. durable goods fall less than expected in April

Published 05/26/2017, 08:35 AM
Updated 05/26/2017, 08:35 AM
© Reuters.  U.S. durable goods orders decline 0.7% in April, core orders drop 0.4%

© Reuters. U.S. durable goods orders decline 0.7% in April, core orders drop 0.4%

Investing.com - U.S. orders for long lasting manufactured goods fell less than forecast in April, although the core reading unexpectedly dipped, giving a mixed symbol for the U.S. economy at the beginning of the second quarter, according to official data released on Friday.

Total durable goods orders, which include transportation items, decreased by 0.7% last month, the Commerce Department said, compared to economists' expectations for a decline of 1.2%.

March’s orders were revised up to show a gain of 2.3% from a previously reported 0.7% increase.

Durable goods are typically bulky or heavy manufactured products designed to last at least three years.

Core durable goods orders, which exclude volatile transportation items, unexpectedly fell by 0.4% last month, compared to forecasts for a 0.5% gain.

March's core durable goods orders showed a 0.2% decline.

Durable orders excluding defense fell by 0.8% in April, compared to the prior month’s 1.1% increase (revised from a previously reported 1.0% gain).

Durable goods excluding defense and aircrafts were flat in April, compared to expectations for a 0.5% gain.

The previous month registered a 0.5% rise.

After the report, which was released simultaneously with the second estimate for first quarter gross domestic product, the dollar strengthened. EUR/USD was trading at 1.1181 from around 1.1195 ahead of the publication; GBP/USD was at 1.2817 from 1.2838 earlier; while USD/JPY was at 111.14 from 111.08 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 97.30 compared to 97.22 prior to the release.

Meanwhile, U.S. stock futures pointed to a slightly lower open. The Dow futures lost 17 points, or 0.08%, the S&P 500 futures fell 3 points, or 0.10%, while the Nasdaq 100 futures traded down 3 points, or 0.05%.

Elsewhere, in the commodities market, gold futures traded at $1,267.57 a troy ounce, compared to $1,266.15 ahead of the data, while crude oil traded at $48.76 a barrel from $48.54 earlier.

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