MW: April durable-goods orders up 0.8% on military bookings
By Jeffry Bartash
WASHINGTON (MarketWatch) - A spike in demand for military hardware boosted orders for U.S. durable goods in April by 0.8%, but bookings declined in most civilian categories, the government reported Tuesday. Orders for some defense equipment posted the biggest increase in 16 months. Economists polled by MarketWatch had expected a 0.8% decline in overall U.S. orders. Excluding defense, new orders fell 0.8% in April. The increase in orders in March, however, was revised sharply higher to show a 3.6% gain instead of 2.5% as previously reported. In April, so-called core capital orders, a proxy for business investment, fell 1.2% after a revised 4.7% increase in March. Shipments of durable goods dipped 0.4% in April - the first month of the second quarter - following a 2.1% advance in the prior month. Shipments are used to help determine how fast the economy grows each quarter.
