The Commerce Department is out with its report on durable goods for the month of July. The report shows that the headline data was up by much more than expected at +4.2%. Dow Jones showed a consensus of +3.0% but Bloomberg had estimates of +2.5%.
On an ex-transportation basis the report shows a much different read as it came in at -0.4%.
We would make a reminder here that the durable goods report each month can be one of the most volatile readings out there because of its many moving parts. This is on the larger-ticket items sold that are expected to last three years and longer.
On an ex-defense basis the reading was +5.7%. We also saw June revised higher to +1.6% from +1.3% but ex-transportation that was revised to -2.2% from -1.1%.
Today was great on the surface but the report is masked due to aircraft strength. Without that strength the reading was in the red. Again, there are so many large-ticket moving parts here that many discount the impact of each individual report.
JON C. OGG
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