In April, new orders for core capital goods (nondefense capital goods, excluding aircraft) fell 1.2 percent from the previous month. However, March's solid gain was revised higher to 4.7 percent, bringing the three-month annualized growth to nearly 15 percent. Likewise, shipments of core capital goods fell in April (down 0.4 percent), but the growth rate for March was revised up to 2.1 percent. The three-month annualized growth rate for shipments jumped to almost 11 percent. Solid momentum for both orders and shipments, as indicated by the three-month changes through April, suggests some improvement in business investment in equipment in the second quarter, following the first quarter's decline.
