New orders for real durable goods totaled $231,273 million in January 2021. January’s orders were 3.1% more than one year ago, making January the third consecutive month of growth in durable goods new orders.
Compared with one year ago, a number of industries recorded double-digit growth in January, including:
- total capital goods – 10.1%
- appliances – 22.8% (five months in a row of double-digit growth)
- pleasure boats – 120.2%
The result was that the annual rate of change contracted 7.4%, which was the fifth consecutive month of decelerating contraction. This was the slowest rate of contraction since March 2020.
Consumer durable goods spending is growing extremely fast with month-over-month growth faster than 9% for eight months in a row. Consumer durable goods spending is confirming a bottom in the rate of contraction in durable goods new orders has occurred.
Accelerating Growth: appliances, computers/electronics
Decelerating Growth:
Accelerating Contraction: aerospace, oil/gas-field/mining machinery
Decelerating Contraction: construction materials, durable goods, fabricated metal products, HVAC, machinery/equipment, motor vehicles/parts, off-road/construction machinery, power generation, primary metals, ship/boat building, total capital goods
