Highlights (from briefing.com)
May durable goods orders 5.5%, ex-transportation -0.2%.
Key Factors
Aircraft orders provided the stupendous growth: civilian 165%, defense 17%. Left transportation orders at 21% (22% yoy).
The -0.2% dip in non-transportation orders is concerning given the lack of upturn since Jan.
Detail shows May declines in machinery, metals and computer/electronics.
Capital goods (and non-defense) jumped 14.5% (25% yoy). Ex-air/defense cap goods orders fell -2.3% (8% yoy).
Business demand, profits, large corporate cash flows and low financing rates will support strong business investment in 2005.
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