Orders for U.S. non-defense capital goods excluding aircraft—a key proxy for business investment—fell 1.1% month-over-month in April 2026, reversing a strong gain in the prior month.
The latest data, updated on 28 May 2026, show a marked pullback after March 2026’s robust 3.3% month-over-month increase. The indicator tracks changes in demand for longer-lasting equipment and machinery, excluding volatile defense and aircraft components, and is closely watched as a signal of underlying investment trends in the real economy.
On a month-over-month basis, the comparison highlights a shift from accelerating investment in March to a contraction in April, suggesting that businesses may have turned more cautious following the previous surge in orders. Investors and policymakers will be monitoring upcoming releases to determine whether April’s decline proves temporary or marks the start of a softer capital spending cycle.
