May preliminary US durable goods orders report highlights:
- Prior was -1.3% (revised to -0.8%)
- Durables ex transportation +0.3% vs +0.7% expected
- Prior ex transportation +1.0% (revised to +1.7%)
- Capital goods orders non-defense ex-air -0.1% vs +0.6% expected
- Prior capital goods orders non-defense ex-air +2.2% (revised to +2.7%)
- Capital goods shipments non-defense ex-air +0.9% vs 0.8% expected
- Prior capital goods shipments non-defense ex-air +0.9% (revised to +1.0%)
Perhaps the poor numbers shouldn't be such a surprise given some of the bottlenecks in the supply chain. Factory PMIs have been extremely strong. Also note the higher revision in the prior core orders.
