US DATA: Core Durable Goods Orders Maintain Tepid Trend But Could Be Worse
Jun-27 13:36By: Chris Harrison
- There were no particular surprises in the preliminary core durable goods data for May after revisions are taken into account.
- Core orders were stronger than expected at 0.7% M/M (cons 0.0) but only after a downward revised 0.6% (initial 1.3).
- It leaves the 3m/3m rate at just 0.7% annualized (weighed down March’s -0.6% M/M), down from 2.3% in March but up from -1% as of December. The rate may be tepid but it still holds up well compared to the ISM manufacturing index firmly in contractionary territory.
- Core shipments meanwhile were in line at 0.2% M/M after a small downward revision to 0.4% (initial 0.5).
