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Wednesday, October 5, 2022


US Durable Goods Orders Unexpectedly Jumped In May

Courtesy of ZeroHedge View original post here.

With PMIs sinking rapidly and macro surprise indices crashing, analysts remained optimistic of a continued rise (albeit a small 0.1% MoM) in US durable goods orders in preliminary May data. It turns out they were 'under'-optimistic as durable goods orders surged 0.7% MoM (with a small downward revision from +0.5% to +0.4% MoM in April).

Source: Bloomberg

That is the 3rd straight monthly increase in orders and pushes them up 12.0% YoY.

Ex Transports, orders rose 0.7% MoM – beating expectations of +0.3%.

The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, rose 0.5% after a 0.3% gain a month earlier.

Finally, Shipments soared by 0.8% MoM – 4 times the 0.2% MoM expected.

None of this data helps the current 'growth scare dominates inflation fears' narrative… as 'good news' is now 'bad news'.

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