Analysts at TD Securities note that the US durable goods orders surprised to the upside, posting a notable 2.0% m/m rebound in June up from -2.3% (TD: 1.2%, mkt: 0.7%), following a downward-revised contraction at -2.3% from -1.3% before.
Key Quotes
“A big chunk of the June increase was due to robust nondefense aircraft data (Boeing), which jumped 75% m/m. The less-volatile measures of the report were also strong, with ex-transportation and core capex orders jumping 1.2% and 1.9% m/m, respectively.”
“Core goods shipments were also solid, which bodes well for business fixed investment and for its impact on the Q2 GDP data published on Friday.”
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