US Durable Goods Orders Unexpectedly Slow In June
After a surprisingly large jump higher in May, analysts expected today’s preliminary June Durable Goods Orders to continue to improve (despite PMIs signaling the opposite), but they were wrong as Orders rose just 0.8% MoM (well below the 2.2% MoM rise expected).
The May print was revised significantly higher to +3.2% MoM from +2.3% thanks to a sizable jump in commercial aircraft bookings.
Underneath the headline figure, core capital goods orders, a barometer of business investment that excludes aircraft and military hardware, increased 0.5% for a second month, but missed expectations.
This is much more in line with the slowdown in the Manufacturing surveys (ISM and PMI) as it appears Q2 was the peak of the recovery.
Tue, 07/27/2021 – 08:36