After March’s huge upside surprise, durable goods orders were expected to slide 2.0% MoM in April but the preliminary print was slightly worse than expected (-2.1% MoM) and made worse by a notable downward revision to March (from +2.8% to +1.7%).
Ex Transports, durable goods orders were unch in April but notably revised downward from +0.3% in March to -0.5% MoM…
Worse still New Orders non-defense, ex-aircraft tumbled 0.9% MoM, the worst (and first negative) print of 2019…
As non-defense aircraft orders plunged 25% in April (as Boeing impacts start to hit) and are down 36% YoY..,
And non-defense aircraft shipments plunged 16.0% MoM…
…to the lowest in six years…
Coming on the heels of the collapse in PMIs yesterday, this should be no surprise and reinforces The Fed’s doves’ scenario.
via ZeroHedge News http://bit.ly/30HoWkn Tyler Durden