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Surprise Gains in May Durable Goods

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By Jon C. Ogg Updated Published

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Durable Goods in the Month of May managed to somehow come in with upside data at a time when most economic numbers are contracting or offering downside surprises  May’s report grew by 1.1% on the headline data against a 0.4% consensus from Dow Jones and also a 0.4% consensus reading from Bloomberg. The Commerce Department said that this 1.1% jump on goods projected to last 3-Years and longer came to $217.15 billion in May.

On an ex-transportation basis the report was light at +0.4% versus a consensus of +0.8% from Bloomberg. The ex-Defense report on Durable goods was +0.7%.  It was a bump in auto sales which helped this number exceed targets.

The futures markets are still trying to find their footing and S&P futures are still up just over 2 points this morning.  Keep in mind that this Commerce Department report on durable goods is one of the most volatile readings on a month to month basis because it involves seasonality and so many high-price ticket items.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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