Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
2-min read

Weak Aircraft, Auto Sales Push Key US Data to Nine-Month Low

The disappointing Commerce Department data on durable goods sales for April marked a subdued start to the second quarter of 2019, which is expected to show a slowdown in economic activity.

AFP

Updated:May 24, 2019, 10:33 PM IST
facebookTwitterskypewhatsapp
Weak Aircraft, Auto Sales Push Key US Data to Nine-Month Low
Representative image.
Loading...

Washington: Sales of US-manufactured goods were unexpectedly weak in April, hitting the lowest level in nine months, as American companies sold fewer cars, planes and factory equipment, according to data released Friday.

And sales in March were not as robust as originally reported, due to a sharp downward revision to aircraft sales.

That takes the some of the shine off the unexpected jump in economic growth in the first three months of the year, which President Donald Trump has hailed as proof his economic policies are working.

But Trump's trade war with China and other trading partners is overshadowing the outlook.

The disappointing Commerce Department data on durable goods sales for April marked a subdued start to the second quarter of 2019, which is expected to show a slowdown in economic activity.

Although a sales dip in April was expected due to the crisis at aviation giant Boeing -- which was forced suspended deliveries of a top-selling jet after deadly crashes -- orders for jets fell even faster than expected.

Auto sales also dropped sharply and a category seen as a proxy for business investment fell.

New orders for big-ticket manufactured items fell 2.1 per cent for April to USD 248.4 billion, the lowest since July of last year, putting sales down in two of the last three months, the Commerce Department reported.

Economists had expected a two per cent drop. Sales are still two per cent higher in the first four months of 2019 compared to the same period last year.

Auto sales sank 3.4 per cent while civilian aircraft orders -- a volatile category in the best of times -- plunged 25.1 per cent, following a major reduction to the March sales figures.

Excluding transportation, sales were flat, after two months of declines, undershooting economists' expectations for a token 0.2 per cent rebound.

Meanwhile, orders for primary metals, telecommunications equipment and non-defense capital goods -- a measure that can track oil prices and companies' plans for expansion -- all fell.

The White House made boosting capital expenditures by businesses a central argument for the 2017 tax cuts, claiming it would boost productivity and employment by freeing up resources for manufacturers to build factories.

Sales of defence items were a bright spot, rising 4.8 per cent.

Jim O'Sullivan of High Frequency Economics said the trend in the data was not as weak as the April figures alone would suggest "but there has been significant slowing."

April was flat compared to the same month last year, whereas a year ago, the 12-month change was as high as nine per cent, he said.

"The manufacturing sector is disproportionately exposed to weakening foreign demand," he said in a client note.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
 
 
Most Active
Company Price Change %Gain
Indiabulls Hsg 672.25 -3.18
Yes Bank 115.05 -1.75
IndusInd Bank 1,426.80 -4.17
GRUH Finance 291.70 -5.01
Reliance 1,317.55 -0.73
Company Price Change %Gain
GRUH Finance 291.85 -5.40
Indiabulls Hsg 672.10 -3.20
Yes Bank 115.35 -1.58
Larsen 1,529.15 0.80
IndusInd Bank 1,425.10 -4.36
Top Gainers
Company Price Change %Gain
Bharti Infratel 275.05 1.36
Sun Pharma 392.55 0.72
Vedanta 169.55 0.65
Larsen 1,526.30 0.58
Power Grid Corp 194.60 0.39
Company Price Change %Gain
Larsen 1,529.15 0.80
Vedanta 169.60 0.74
Sun Pharma 392.35 0.58
Power Grid Corp 194.60 0.44
TCS 2,252.30 0.09
Top Losers
Company Price Change %Gain
Zee Entertain 336.50 -4.57
IndusInd Bank 1,426.80 -4.17
Indiabulls Hsg 672.25 -3.18
Bharti Airtel 353.30 -2.87
Axis Bank 801.20 -2.31
Company Price Change %Gain
IndusInd Bank 1,425.10 -4.36
Bharti Airtel 353.30 -2.74
Axis Bank 800.15 -2.39
Kotak Mahindra 1,473.80 -2.10
Tata Motors 164.10 -1.97

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results