Keeping you up to date on the latest data releases.
- Durable Goods
Both new orders and shipments of durables fell in May, slipping down 1.1 percent and 0.4 percent, respectively. However, the overall declines were largely tied to decreases in aircraft and parts. Excluding transportation equipment, orders rose 0.9 percent in May, while shipments ticked up 0.4 percent. Recent strength has led to double-digit year-over-year growth rates for both series. Notably, the 12-month growth rate in shipments of transportation equipment rose to 13.7 percent in May, its second highest growth rate on record (back to 1992) exceeded only by a 13.9 percent gain in February 2005. Orders for nondefense capital goods excluding aircraft rebounded after a 2.7 percent drop in April, rising 2.1 percent during the month, helping to elevate its 3-month annualized growth rate to 26.2 percent; above its 12-month growth rate of 17.3 percent. Manufacturers’ added to their inventory of durables for the fifth straight month, as the series rose by 0.8 percent in May. Still, after a massive draw-down during the recession, its 12-month growth rate still sits below zero, at −3.1 percent.