Durable Goods Orders Down Second Month: Very Ugly Numbers Excluding Defense
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Durable goods orders fell 0.6% in May after declining an upwardly revised 1.0% in April.
The Census Department Advance Report on Durable Goods sports some ugly numbers for May.
- New Orders: -0.6%
- Excluding Transportation: -0.3%
- Excluding Defense: -1.5%
- Motor Vehicles and Parts: -4.2%
- Defense Aircraft and Parts: +21.1%
- Nondefense Capital Goods: -2.0%
- Nondefense Capital Goods Excluding Aircraft: -0.2%
- Defense Capital Goods: +15.1%
Those are some of the worst numbers I have seen in a long time. Defense orders masked an extremely weak report.
Shipments, a direct GDP feed, were down 0.1% in May and flat in April.
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Don't expect big pickups as #oil prices rise and #tradewar uncertainty saps the market. One is easily fixable and the other looks to say for the long haul. Oil prices are not going down anytime soon. Even Saudi Arabia can't reverse the trend which is being driven by rising Asian demand.