US shipments up 1.0 percent in March

Exactly as expected but upward revision in February

  • Shipments a better leading investment indicator than durable goods orders
  • Durable goods orders up by 2.6 percent versus 2.1 percent in February
  • Defence capital goods rose by 21.6 percent versus 9.0 percent in February
Read analysis here

 

Petter Lundvik

Economist

USA and India

pelu16@handelsbanken.se

Latest analyses

2014-04-24

Fast Comment US

2014-04-22

The Week Ahead

2014-04-16

Fast Comment US
Latest from Speakers´ corner

Så kom danska renteforhøjelsen fra Nationalbanken

Helt som ventet reagerede Nationalbanken i dag på den seneste tids svage tendens DKK relativt til EUR. Således hævede den indskudsbevisrenten med 0,15%-point til 0,05%, og dermed er vi ude af det negative renteterritorium, som vi har kørt med siden midten af 2012. Samtidigt blev indlånsrente således højere end den tilsvarende hos ECB.Nationalbanken begrundede selv renteforhøjelsen med salg af valuta i markedet, og at de korte markedsrenter i euroområdet er højere end i Danmark, hvilket har tenderet til at svække DKK.

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Keywords: EUR/DKK

The chart of the day

Calendar

Thu, Apr 17
      Graph Period Cons. fc Our fc Previous Actual
07:00 Japan Consumer Confidence March 38.2 37.4
09:00 Germany PPI March 0 / -0.8 -0.4 / -0.9
10:50 France France to Sell Bonds
14:30 US Initial Jobless Claims W14 315K
16:00 US Philly Fed April 9 16.6
Mon, Apr 21
      Graph Period Cons. fc Our fc Previous Actual
14:30 US Chicago Fed National Activity Index March 0.5 0.2
Tue, Apr 22
      Graph Period Cons. fc Our fc Previous Actual
07:00 Japan Leading Index CI February 113.5 108.9
09:00 Denmark Consumer Confidence April 5 5.5
09:30 Sweden Unemployment Rate, sa March 8.0 8.0 8.1 8.1
09:30 Sweden Unemployment Rate March 8.5 8.5 8.5 8.6
15:00 US Existing Home Sales March 4.55M 4.6M 4.6M 4.59M
16:00 Eurozone Consumer Confidence advance April -9.0 -9.3 -8.7
16:00 US Richmond Fed Manufacturing Activity Index April -7 7
Wed, Apr 23
      Graph Period Cons. fc Our fc Previous Actual
03:45 China HSBC PMI Manufacturing preliminary Apr 48.2 48.0
09:00 France Markit PMI Composite flash Apr
09:00 France Markit PMI Services flash Apr
09:00 France Markit PMI Manufacturing flash Apr
09:30 Germany Markit PMI Composite flash Apr
09:30 Germany Markit PMI Services flash Apr 53.5
09:30 Germany Markit PMI Manufacturing flash Apr 53.9
10:00 Eurozone Markit PMI Composite flash Apr 52.5
10:00 Eurozone Markit PMI Services flash Apr 52.5
10:00 Eurozone Markit PMI Manufacturing flash Apr 53.1
10:30 UK Bank of England Minutes
11:03 Sweden SNDO T-bond auction:3.5bn
16:00 US New Home Sales March 450K 460K 449K 384K
Thu, Apr 24
      Graph Period Cons. fc Our fc Previous Actual
08:00 Finland Unemployment Rate March 9.3 9.1 9.5
08:00 Finland PPI March 0.1 / -1.3 -0.5 / -2.1
08:45 France Business Confidence Indicator April 101 100
09:30 Sweden Minutes from the Monetary Policy meeting 8 April published
10:00 Germany IFO - Business Climate April 110.5 110.7 111.2
10:00 Germany IFO - Expectations April 106.0 106.4 107.3
10:00 Germany IFO - Current Assessment April 115.7 115.2 115.3
10:30 Spain Spain to Sell Bonds
11:00 Spain Italy to Sell Bonds
14:30 US Durable Goods Orders March 1.9/ 1.5/ 2.1 2.6
14:30 US Initial Jobless Claims W14 305K 329K
14:30 US Capital Goods Shipment Nondef ex Air March 0.5/ 0.7 1
17:00 US Kansas City Fed Manuf. Activity April 11 21
Fri, Apr 25
      Graph Period Cons. fc Our fc Previous Actual
01:00 Japan CPI Core March /0.8 0.1 / 0.7
01:00 Japan CPI March /1.7 0 / 1.5
06:30 Japan All Industry Activity Index February 1
09:00 Denmark Retail Sales March 1.4
10:30 UK Retail Sales incl. Auto Fuel March -0.4/3.8 1.7 / 3.6
15:55 US University of Michigan Confidence final Apr 83.0
Thu, Apr 17|
Mon, Apr 21|
Tue, Apr 22|
Wed, Apr 23|
Thu, Apr 24|
Fri, Apr 25
View the complete calendar

Latest publications in

Fast Comment US — Shipments up 1.0 percent in March; exactly as expected; upward revision in February

  1. Shipments a better leading investment indicator than durable goods orders
  2. Durable goods orders up by 2.6 percent, versus 2.1 percent in February
  3. Defence capital goods rose by 21.6 percent, versus 9.0 percent in February

Petter Lundvik, Economist | pelu16@handelsbanken.se

Fast Comment Finland — Unemployment rate still up in March, but employment did not decline

  1. Unemployment rate 9.5 percent in March, up to 8.6 percent seasonally-adjusted
  2. Inactive population still increasing and employment expectations are weak
  3. Due to weak start to the year, we will likely revise up our unemployment rate forecast for 2014

Tuulia Asplund, Economist | tuas02@handelsbanken.se

Chinese Comment — PMI indicating some stabilisation of the economy

  1. Domestic demand indicators rebounded somewhat
  2. Policy measures have been implemented
  3. GDP growth to end below the 7.5% target

Bjarke Roed-Frederiksen, Economist | bjro03@handelsbanken.dk

Fast Comment Sweden — March unemployment rate a tad higher than forecasts

  1. March unemployment rate a tad higher than forecasts
  2. Minor m-o-m changes, minor forecast errors
  3. Fairly decent labour market outlook remains

Anders Brunstedt, Economist | anbr42@handelsbanken.se

UK Next Week's Agenda and Wrap Up — April 22, 2014

- Headlines for the UK economy and global highlights
- Wrap up
- Next week’s agenda
- Financial overview, government bond yields and financial forecasts
- The economy
- News and statements during the week

Helena Trygg, Economist | hetr01@handelsbanken.se

The Week Ahead — April 21-25

US: Capital goods shipment likely up 0.5 percent in March
Sweden: We expect only a small decrease in March unemployment
Norway: No items
EMU: We expect PMI Composite to decrease to 52.5 in April (previous 53.1)
China: PMI (Markit/HSBC) expected to have stabilised around 48 in April

Petter Lundvik, Economist | pelu16@handelsbanken.se