JUN DURABLE GOODS ORDERS: 0.8% V -0.3%E; EX-TRANSPORTATION: 2.0% V -0.2%E
- Prior Durable Goods revised from 0.0% to 0.1%
- Prior Ex-Transportation revised from -0.8% to -0.5%

 

DURABLE GOODS TABLE
                                                                 JUNE    MAY     APR.
(Dollar Amounts In Billions)

New Orders for Durables                  215.43  213.79  213.48
Percent Change                                      0.8     0.1    -1.0
New Orders, Ex-Defense                  201.20  201.08  202.31
Percent Change                                      0.1    -0.6    -0.8
New Orders, Ex-Trans.                     159.99  156.86  157.62
Percent Change                                      2.0    -0.5     1.9
Primary Metals                                     23.12   22.00   22.41
Percent Change                                      5.1    -1.8     2.5
Fabricated Metals                                28.08   27.61   27.69
Percent Change                                     1.7    -0.3    -2.4
Machinery                                             31.53   30.83   32.01
Percent Change                                     2.3    -3.7     4.8
Computers/Electronics                     27.93   28.06   27.33
Percent Change                                   -0.5     2.7    -2.0
Electrical/Appliances                        11.73   11.18   10.96
Percent Change                                    5.0     2.0    18.1
Transportation Equipment               55.44   56.93   55.86
Percent Change                                   -2.6     1.9    -8.3
Nondefense Cap. Goods                  71.44   73.77   73.61
Percent Change                                   -3.2     0.2    -2.4
Defense Capital Goods                    11.34    9.79    8.58
Percent Change                                   15.8    14.1     3.3
Durable Goods Shipped                 212.16  211.11  213.59
Percent Change                                     0.5    -1.2     1.8
Unfilled Orders                                  817.56  810.34  802.97
Percent Change                                    0.9     0.9     0.7

Durable goods is unimpressive to us. The media thinks it is wonderful but we are not impressed, especially since the majority of the advance is Government spending in the defense sector. Call me cynical but the dramatic rise in defense spending from April to June is purposely being done in order to keep the durable goods figures elevated. Remove defense and well, the data would stink.

The news from National Australia Bank that we posted last night remains something that must be watched carefully. Their action creates a new, and lower ‘market’  price for certain debt. This may have long term implications on the financial markets for a new ‘market’ price will have been lowered  significantly.

We are watching pre market futures in a volatile state, uncertainty is high in the market today.

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