The last few months have been volatile – to say the least – for US durable goods orders, November saw orders surge 5.4% MoM – the biggest monthly jump since July 2020. This sent year-over-year orders growth up 10.1% – the highest since May 2022…
Source: Bloomberg
The headline orders print was more than double the +2.3% MoM expected and Ex-Transports, durable goods orders jumped 0.5% MoM (+0.1% exp).
The surge in orders was primarily based on non-defense aircraft & parts orders surging 80.1% MoM – as goes Boeing, so goes the S&P 500?
Source: Bloomberg
However, core capital goods shipments, a figure that is used to help calculate equipment investment in the government’s gross domestic product report, declined for the second month in a row, dragging YoY growth down to +1.0% – the lowest since Feb 2021…
Source: Bloomberg
So, apart from Boeing, things maybe aren’t full Goldilocks after all.
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