April preliminary durable goods orders declined 1.3% month-over-month (m/m), versus estimates of a 0.8% rise and compared to March's upwardly-revised 1.3% increase. However, ex-transportation, orders grew 1.0% m/m, above forecasts of a 0.7% gain and compared to March's favorably-adjusted 3.2% rise. Orders for non-defense capital goods excluding aircraft, considered a proxy for business spending, were up 2.3%, compared to projections of a 1.0% rise, while the prior month's figure was revised higher to a 1.6% increase.
The second look (of three) at Q1 Gross Domestic Product, the broadest measure of economic output, showed a q/q annualized rate of expansion of 6.4%, unrevised from the first release's figure and versus forecasts of an upwardly-revised 6.5% gain. Q4's figure was unadjusted at a 4.3% increase. Personal consumption was revised to an 11.3% increase, north of expectations of an upwardly-revised 10.9% rise. Q4 consumption was unadjusted at a 2.3% gain.
On inflation, the GDP Price Index was revised to a 4.3% rise, versus estimates of an unadjusted 4.1% increase, while the core PCE Index, which excludes food and energy, was adjusted higher to a 2.5% gain, compared to forecasts of an unchanged 2.3% increase.