Recent Updates
- Australia: Labor Force Survey (Mar), Import/Export Price Indexes, SME Business Survey (Q1), Cash Flow Statements (2017)
- Japan: Input Output Prices (Mar), First 10 Days Trade (Apr), International Trade (Mar-Final)
- Brunei: International Trade (Dec); Korea: GDP (Q1); China: Gini Coefficient (2017), Construction Output Value (Q1); Myanmar: Overseas Employment (Aug)
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Economy in Brief
Japan Shows Very Moderate Growth As Trade War Clouds Gather
Japan’s sector indexes showed a solid gain in February...
U.S. Consumer Confidence Unexpectedly Rose in April
The Conference Board Consumer Confidence Index rose to 128.7 in April from 127.0 (initially reported as 127.7) in March...
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
U.S. FHFA House Price Index Continues to Strengthen
The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
by Tom Moeller June 24, 2005
New orders for durable goods soared 5.5% in May, lifted by aircraft & parts orders which more than doubled m/m. Consensus expectations had been for a 1.5% rise.
The 125% surge in orders for aircraft raised transportation equipment orders by 21.2%. A 0.2% (-1.6%) gain in motor vehicles & parts also contributed.
Less transportation durable orders fell 0.2% (+6.6% y/y) for the third slight decline in the last four months. Computer & electronic equipment orders fell 1.2% (+5.2% y/y), the second consecutive monthly decline, and machinery orders fell 1.9% (+8.7% y/y). Electrical equipment orders rose 0.3% (4.2% y/y) and "other" orders rose 1.8% (6.3% y/y).
Orders for non-defense capital goods rose 14.5% on the strength of the orders received by Boeing. Less aircraft capital goods orders fell 2.3% and shipments rose just 0.2% (12.2% y/y). During the last four months shipments have fallen 1.1%.
Durable inventories rose 0.3% (8.7% y/y) following no change in April. Less transportation inventories also rose 0.3% (9.8% y/y).
Unfilled orders jumped 1.9% (7.6% y/y) but outside of the transportation sector backlogs fell slightly (+7.7% y/y). The ratio of backlogs to shipments outside of transportation has been moving erratically sideways since early last year.
How Long Is Long Term Investment? from the Federal Reserve Bank of Kansas City is available here.
NAICS Classification | May | April | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Durable Goods Orders | 5.5% | 1.4% | 10.7% | 10.8% | 2.6% | -1.7% |
Excluding Transportation | -0.2% | -0.7% | 6.6% | 13.1% | 3.2% | -4.2% |
Nondefense Capital Goods | 14.5% | 4.0% | 28.2% | 13.7% | 5.6% | -7.2% |
Excluding Aircraft | -2.3% | 1.7% | 8.9% | 11.7% | 6.6% | -7.1% |