- US: Advance Durable Goods, Advance Trade & Inventories (Mar)
- Brazil: PPI (Mar); Mexico: Compensation and Productivity (Feb)
- Canada: Payroll Employment, Earnings, & Hours (Feb)
- Spain: Advanced HICP & CPI, Construction Business Survey Press (Apr)
- Belgium: CPI (Apr)
- Germany: GfK Consumer Climate Survey, State CPI: Bavaria, Saxony, Berlin, Hesse, North Rhine-Westphalia, Brandenburg (Apr)
- Building Permits (Feb)
- UK: Motor Vehicle Production (Mar)
- more updates...
Economy in Brief
U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
Regular gasoline prices of $2.45 per gallon last week (13.3% y/y)...
Japan's METI Indexes Show Ongoing Gains
The services sector is assessed by the METI indexes where it is named the 'tertiary sector.' That sector index rose to 104.1 in February...
U.S. New Home Sales & Prices Strengthen
Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000...
U.S. Consumer Confidence Backpedals
The Conference Board Consumer Confidence Index fell 3.7% during April (+27.0% y/y) to 120.3...
U.S. FHFA House Price Index Regains Strength
The FHFA U.S. house prices increased 0.8% during February (6.5% y/y)...
French Manufacturing and Service Sectors Weaken But Stay on Trend or Hold Recent Gains
The French manufacturing sector trend index is down to 1 in April from 3 in March...
by Tom Moeller June 24, 2016
New orders for durable goods declined 2.2% during May (+3.2% y/y) following a 3.3% April increase, revised from 3.4%. A 0.8% decline had been expected in the Action Economics Forecast Survey.
Weakness in the transportation sector led total orders lower with a 5.6% drop (+10.5% y/y) following an 8.5% rise. Defense aircraft orders plunged 34.1% (-9.6% y/y) following a 9.0% decline. Adding to this decline, motor vehicle & parts orders fell 2.8% (+0.7% y/y) after a 1.8% rise. Orders for civilian aircraft & parts rose 1.0% (73.2% y/y) and built on a 69.4% surge.
Outside of the transportation sector altogether, orders for durable goods eased 0.3% (-0.4% y/y) following a 0.5% gain. Primary metal orders declined 1.4% (-8.3% y/y) and fabricated metal orders eased 0.3% (+3.0% y/y). Machinery bookings fell 0.2% (-5.6% y/y) and electrical equipment orders were off 0.1% (-5.5% y/y). Orders for computers & electronic products also eased 0.1% (+3.1% y/y) as computer & related products orders fell 2.5% (-12.1% y/y). To the upside, orders for communications equipment increased 4.7% (1.5% y/y).
Orders for nondefense capital goods eased 0.8% (+4.9% y/y) following an 8.7% rise. Excluding aircraft, nondefense capital goods orders fell 0.7% (-3.6% y/y, the third monthly decline this year.
Shipments of durable goods eased 0.2% (-1.1% y/y) and excluding aircraft they were off 0.1% (-1.5% y/y). Unfilled durable goods orders increased 0.2% (-0.9% y/y) and excluding transportation they were unchanged, both m/m and y/y. Inventories of durable goods declined 0.3% (-2.5% y/y), while outside of the transportation sector inventories eased 0.2% (-3.7% y/y).
The durable goods figures are available in Haver's USECON database. The Action Economics consensus forecast figure is in the AS1REPNA database.
Macroeconomic Sources of Recent Interest Rate Fluctuations from the Federal Reserve Bank of Chicago is available here.
|Durable Goods NAICS Classification||May||Apr||Mar||May Y/Y||2015||2014||2013|
|New Orders (SA, %)||-2.2||3.3||2.0||3.2||-2.9||4.8||2.8|
|Total Excluding Transportation||-0.3||0.5||0.3||-0.4||-2.3||3.8||-0.1|
|Nondefense Capital Goods||-0.8||8.7||0.3||4.9||-9.6||1.2||4.2|