US durable goods orders up 0.8% in March

New orders for manufactured durable goods increased 0.8% month-on-month across the US in March, according to the Census Bureau, bouncing back from a downwardly revised 1.7% drop in February but below market expectations of a 1% gain.

Excluding transportation, new orders rose 1.1%, ahead of a 0.5% drop in February, and excluding defence, new orders advanced 1.2%, a marked improvement on the prior month's 2.1% fall.

Computers and electronic products, up two of the last three months, led the increase, up 2.6% to $26.3bn.

Meanwhile, orders for non-defence capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 1%, rebounding from a 0.3% decrease in February and surpassing market expectations for a 0.5% increase.