Factory Orders April
Summary: Headlines read...Factory orders unexpectedly rise...
the report does not indicate an economy that is in recession and suggests Q2 GDP could be stronger than forecast.
We hate to piss on this parade but... Under the sheets...
Broadbased durable goods, capital & non defense capital goods orders declines.
The "growth" is on dollar value of gasoline sales evidencing another clear case of double digit price stagflation.
Factory Orders Apr +1.1% vs +1.5% Full Report
Inside the number: new orders ex transport +2.6%; ex defense +1.3%; however, with unfilled orders -0.9%;
Table 5: capital goods -1.3%; non defense capital goods -1.5%; new durable goods orders 3rd decline in 4 months -0.6%;
transportation -7.9%; YTD -6.3%; non defense aircraft -24.4%; YTD -2.3%; motor vehicles -4.2%; YTD -12.6%; furniture -1.4%; YTD -6% ; computers -22%; YTD -5.3%
Dollar value of new non durable goods orders +2.8%; YTD +11.3%.
Dollar value of shipments: durable consumer goods -0.6%; YTD -7.1%; motor vehicle -2.5%; YTD -11.7%; ; consumer nondurable goods +3.7%; YTD +14.6%
Dollar value of inventories: Raw Materials; Food YTD +10%; Work in Process; All manufacturing +12.2%; durable +12%; non durable +12.6%; petroleum +51.5%
the report does not indicate an economy that is in recession and suggests Q2 GDP could be stronger than forecast.
We hate to piss on this parade but... Under the sheets...
Broadbased durable goods, capital & non defense capital goods orders declines.
The "growth" is on dollar value of gasoline sales evidencing another clear case of double digit price stagflation.
Factory Orders Apr +1.1% vs +1.5% Full Report
Inside the number: new orders ex transport +2.6%; ex defense +1.3%; however, with unfilled orders -0.9%;
Table 5: capital goods -1.3%; non defense capital goods -1.5%; new durable goods orders 3rd decline in 4 months -0.6%;
transportation -7.9%; YTD -6.3%; non defense aircraft -24.4%; YTD -2.3%; motor vehicles -4.2%; YTD -12.6%; furniture -1.4%; YTD -6% ; computers -22%; YTD -5.3%
Dollar value of new non durable goods orders +2.8%; YTD +11.3%.
Dollar value of shipments: durable consumer goods -0.6%; YTD -7.1%; motor vehicle -2.5%; YTD -11.7%; ; consumer nondurable goods +3.7%; YTD +14.6%
Dollar value of inventories: Raw Materials; Food YTD +10%; Work in Process; All manufacturing +12.2%; durable +12%; non durable +12.6%; petroleum +51.5%
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