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Saturday, July 4, 2020 8:56:04 PM EDT

Durable Orders Updated 25-Jun-20 10:13AM ET

Durable Goods Orders for May increased 15.8% ( consensus 11.6%) on the heels of a downwardly revised 18.1% decline (from -17.7%) in April.

Excluding transportation, orders rose 4.0% ( consensus 2.1%) following a downwardly revised 8.2% decline (from -7.7%) in April.

New orders rebounded across every durables category in May, the biggest of which was an 80.7% increase in transportation equipment orders.

Machinery orders were up 1.1% after an 8.0% decline in April.

Orders for primary metals jumped 9.1% after declining 14.3% in April.

Nondefense capital goods orders, excluding aircraft -- a proxy for business spending -- increased 2.3% on the heels of a 6.5% decline in April. Shipments of these goods rose 1.8% following a 6.2% decline in April.

The key takeaway from the report is that order activity clearly rebounded in May, yet new order levels year to date are 13.6% lower than the same period a year ago on a not seasonally adjusted basis.
Total Durable Orders15.8%-18.1%-16.7%2.0%-0.2%
Less Defense15.5%-17.1%-17.5%0.1%3.5%
Less Transport4.0%-8.2%-1.8%-0.3%0.5%
Capital Goods25.8%-2.4%-29.8%7.4%0.1%
Nondefense/nonaircarft (core cap gds)2.3%-6.5%-1.3%-0.6%0.9%
Defense Cap Goods19.9%-30.0%-5.7%43.4%-37.5%