May Durable Goods Orders Disappoint
After unexpectedly tumbling in April (-1.3% MoM), analysts expected preliminary May Durable Goods Orders to rebound significantly (+2.8% MoM) but they were disappointed when the print hit at only +2.3% MoM (and the month before was upwardly revised to a 0.8% drop).
Despite the disappointment, that was still the biggest MoM jump since January, bolstered by a sizable pickup in orders for planes and motor vehicles.
Orders excluding transportation equipment rose only 0.3%, slowing dramatically from the past two months…
All of which pushed the total amount of durable goods orders back just shy of the 2019 peak…
All of which is a little less exuberant than the record-breaking Manufacturing PMI print we saw yesterday.
Thu, 06/24/2021 – 08:46
Source: Zero Hedge News
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