Core Durable Goods Orders Decline In May; Growth Scare Grows As Shipments Plunge
New Orders for Durable Goods in the US rose by just 0.1% MoM in preliminary May data (better than the -0.5% exp, but that was thanks to a major downward revision in April from +0.6% to +0.2%).
Source: Bloomberg
The last four months have seen gains ebb rapidly and now durable goods orders are down 1.2% on a YoY basis.
Of course, this is constantly flattered before it's revised later - 4 of the last 5 months have been revised lower (and 8 of the last 12)...
Source: Bloomberg
Core Capital Goods Orders (non-defense, ex-aircraft) plunged 0.6% MoM (well below the +0.1% exp), matching the biggest drop this year...
Source: Bloomberg
...with both defense and non-defense spending slowing...
Source: Bloomberg
Furthermore, Capital Goods shipments non-defense, ex-aircraft plunged 0.5% MoM - a big drop for a key signal of business spending and GDP...
Source: Bloomberg
How many times can a data series be downwardly revised before conspiracies about manipulated data flip from theory to actual 'standard operating procedure'?
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