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
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
Q: What unit is the result in? A: Millions of U.S. dollars.
Q: Why exclude defense and aircraft? A: These categories are extremely volatile and can distort the underlying trend in business investment.
Q: Why is this called "core" capital goods? A: It strips out volatile components to reveal the underlying trend in business equipment spending.
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