Durable Goods in the Month of May managed to somehow come in with upside data at a time when most economic numbers are contracting or offering downside surprises May’s report grew by 1.1% on the headline data against a 0.4% consensus from Dow Jones and also a 0.4% consensus reading from Bloomberg. The Commerce Department said that this 1.1% jump on goods projected to last 3-Years and longer came to $217.15 billion in May.
On an ex-transportation basis the report was light at +0.4% versus a consensus of +0.8% from Bloomberg. The ex-Defense report on Durable goods was +0.7%. It was a bump in auto sales which helped this number exceed targets.
The futures markets are still trying to find their footing and S&P futures are still up just over 2 points this morning. Keep in mind that this Commerce Department report on durable goods is one of the most volatile readings on a month to month basis because it involves seasonality and so many high-price ticket items.
JON C. OGG
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