Manufacture Orders - Nondefense Capital Goods Except Aircraft
Returns new orders for nondefense capital goods excluding aircraft, often called "core capital goods orders." This is a key proxy for business investment spending.
Data Details
| Attribute | Value |
|---|---|
| Source | Census Bureau / FRED |
| Frequency | Monthly |
| Unit | Millions of USD |
| Coverage | Capital goods ex-defense ex-aircraft |
Notes
- Excludes volatile defense and aircraft orders for a cleaner signal
- Widely watched as a leading indicator of business capital expenditure
- Less volatile than total durable goods orders
Syntax
=ManufactureOrdersNondefenseCapitalGoods()Returns
number
New orders for nondefense capital goods excluding aircraft in millions of dollars
Examples
Core capex orders
Convert to billions
Core as % of total
When to Use
- Tracking business investment trends
- Economic forecasting (leading indicator)
- Analyzing capital expenditure cycles
- Manufacturing sector analysis
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need total durable goods | ManufactureOrdersDurables() |
| Need production output | IndustrialProduction() |
| Need inventory levels | Inventories() |
Common Issues & FAQ
What unit is the result in?
Millions of U.S. dollars.
Why exclude defense and aircraft?
These categories are extremely volatile and can distort the underlying trend in business investment.
Why is this called "core" capital goods?
It strips out volatile components to reveal the underlying trend in business equipment spending.
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