Boeing Bounce: US Durable Goods Orders Soar Most Since COVID After June Doom
After June’s Boeing-driven collapse, US Durable Goods Orders were expected to rebound strongly in July (preliminary data released today) and they did – jumping 9.9% MoM (vs +5.0% exp) from June’s 6.9% MoM plunge. That is the biggest MoM jump in orders since July 2020’s post-COVID lockdown bounce…
Source: Bloomberg
However, ex-Transports, orders dropped 0.2% MoM (worse than the 0.1% decline expected) and leaving core orders up just 0.6% YoY…
Source: Bloomberg
Once again it seems like it’s all Boeing (one way or the other)…
Source: Bloomberg
So what happens in August as the new planes go under inspection…?
Finally, orders placed with US factories for business equipment declined in July and the prior month’s gain was revised lower, suggesting firms are more guarded about investment.
The value of core capital goods orders, a proxy for investment in equipment that exclude aircraft and military hardware, decreased 0.1% last month after a revised 0.5% gain in June,
Tyler Durden
Mon, 08/26/2024 – 08:39