Durable Goods Order/Claims

Karim writes:

Durable Goods Order/Claims

  • Durables goods orders +1.9% headline; -1.5% ex-aircraft and defense (this is the measure used for the private sector capex component of GDP)
  • Defense up 23.2% m/m; here are the prior 3mths for defense orders in 2009 (-11%;+33%;-40%)
  • Shipments ex-defense -0.3%
  • Inventories -0.8% (unexpected as most felt inventory drawdown was over in Q1)
  • Initial claims fall to 623k from 636k (revised up from 631k)
  • Continuing claims up another 110k
  • Data shows economy still contracting; look for range of estimates for Q2 from -2% to -4%

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