Durable Goods Orders Soar On Transportation, Otherwise Negative Growth MoM (New Orders Only Up 1.3% YoY)

The latest durable goods orders report is like cottage cheese. That is, not real cheese. Non-defense aircraft orders +41.9% MoM!

July durable goods orders (blue) +9.9% m/m vs. +5% est. & -6.9% prior (rev down from -6.7%) … orders ex-transportation (orange) -0.2% vs. -0.1% est. & +0.1% prior (rev down from +0.4%).

In fact, despite the impressive MoM gain, durable goods new orders are only up 1.3% YoY.

The raw numbers lie!