May 2020 US factory orders
- Prior was -13.0%
Durable goods orders revisions:
- Prelim orders +15.8%
- Revised to +15.7% vs +15.8% exp
- Durable goods ex transportation +3.7% vs +4.0% expected
- Capital goods orders non-defense ex air +1.6% vs +2.3% expected
- Capital goods shipments non-defense ex air +1.5% vs +1.8% prior
The downgrade in core capital goods orders is a sign that companies are reluctant to invest coming out of the jaws of the pandemic. It's no surprise to see some wait-and-see sentiment but it's one of the rare economic misses lately (original consensus was +4.0% in the prelim report).
