Durable Goods Orders Rebound in February on Transportation and Metals Gains

• Orders for long-lasting manufactured goods increased more than expected in February, driven by transportation equipment, metals, and machinery • The data suggests business equipment investment is recovering after struggling due to Federal Reserve interest rate hikes • Orders for civilian aircraft rose 24.6% in February, though Boeing continues to face pressures and announced a CEO transition • Machinery, primary metals, and fabricated metals orders also rebounded, though computer and electrical equipment orders fell • A proxy for business spending plans rose in February, though business equipment investment declined in 4 of the last 5 quarters