The May durables report showed a headline number slipping from an April spike. But there was moderate strength in the details. New factory orders for durable goods in May declined 1.1 percent after jumping a revised 3.0 percent in April. Overall new orders for durables were worse than the market forecast for a 0.5 percent dip.
The big negative in the report was the transportation component which dropped 6.9 percent in May. Nondefense aircraft swung down 29.6 percent after spiking 215.7 percent in April. Yes, you might call that category volatile. Defense aircraft slipped 7.1 percent in the latest month. But a very notable positive in transportation was a 0.7 percent boost in autos, continuing several monthly gains.
Bloomberg.com
Patrick M. Ambrus
Analyze Capital LLC
ambrus.anlzgroup@gmail.com
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