Hopes that the US economy could be on the turn have been dealt another blow after the release of data showing that orders for durable goods rebounded less than expected in March.

Durable goods are manufactured goods that are intended to last longer than 3 years and include items from toasters to aircraft. The US Commerce Department data showed that orders for these items increased by 0.8% compared with forecasts for a 1.8% gain. The rebound was expected after last month’s dire 3.1% decline which itself was downwardly revised from an initially reported 3.0% decline.

“There has been some optimism about the US economy of late thanks to some outlier manufacturing surveys but the cold, hard data like industrial production and durable goods have stayed firmly downbeat,” explained Hardeep Sandhu, chief economist at Tokyo-based investment house, Shinsei Corporate Management.

According to many economists, the manufacturing sector which accounts for 12% of the US economy has been hampered by the strength of the dollar and anaemic demand for American goods abroad but Sandhu says there are other considerations.

“Germany’s exports are still strong it faces exactly the same pressures as the US with euro strength but its export sector is still robust. In our view, the US simply isn’t competitive enough,” he explained

Shinsei Corporate Management says it still expects US economic growth to trend downwards citing the absence of impetus and momentum from the domestic economy and worries over the timing of future US interest rate hikes.

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