Durable goods orders for June
– Prior was -2.3% (revised to -2.8%)
– Ex transportation -0.5% vs +0.3% expected
– Prior ex transportation -0.3% (revised to -0.4%)
The important number is non-defense capital goods orders ex-air and it was bang-on expectations so this isn’t as bad as the first headline looks. However, the shipments number is soft and that will be a drag on Q2 growth.