On the bright side, defense orders were up 7.5% and vehicle orders were up 1.8%. It will be interesting to see if those vehicles will be sold given the uptick in auto loan delinquencies and the rising rate environment which will increase monthly payments.
The ex-transportation capital goods orders were up 0.9% which beat the consensus of 0.6% growth. The prior revised growth was up from 0% to 0.4%.
Even though the headline number was weaker than March, it was a stronger report. The core capital goods were up 1% which beat the consensus for 0.7%. The March report was revised down from -0.1% to -0.9%.
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