US manufacturing new orders increased 4.3% MoM in March, slightly below expectations of a 4.5% MoM but still the strongest monthly increase since July 2024.

• Excluding transportation, new orders was down -0.2% MoM and up just 0.8% YoY.
• Durable goods new orders grew 9.2% MoM, in line with the advance estimate, non-durable goods new orders fell -0.3% MoM.
• Total manufactured goods shipments fell -0.1% MoM as a result of weak capital goods shipments (-1.6% MoM).
• On the other hand, core capital goods (nondefense, ex-aircraft) shipments were up 0.2% MoM, and consumer goods shipments were up 0.1% MoM.
• Total manufactured goods inventories increased just 0.1%, subdued by a -1.4% MoM decline in auto inventories due to strong buying in March.