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.
Mike "Mish" Shedlock