April US Durable Goods Orders -17.2%... Two Consecutive Months of Sharp Decline Due to COVID-19

[Image source=Yonhap News]

[Asia Economy Reporter Onyu Lim] Due to the impact of the novel coronavirus infection (COVID-19), durable goods orders in the United States have plummeted for two consecutive months.

According to Bloomberg News on the 28th (local time), the U.S. Department of Commerce announced that durable goods orders in April decreased by 17.2% compared to the previous month.

Although the actual decline was smaller than the market expectation (-19.0%), it showed a sharp drop for two consecutive months. U.S. durable goods orders fell 0.2% in January, rose 1.1% in February, and then plunged 14.7% in March as the impact of COVID-19 intensified.

Durable goods orders typically refer to products that can be used for more than three years and serve as a leading indicator of the manufacturing economy.