Durables Goods Orders Jump In June But The "V" Is Missing

Durable Goods Orders rebounded strongly in May - as expected - but that rebound was expected to slow in preliminary June data, pouring cold water on the 'soft' survey data's resurgence back to "normal".

The flash June data beat expectations with a 7.3% MoM rise in headline orders (against +6.9% exp) against a downwardly revised 15.1% rise in May but year-over-year remains notably weaker...

Source: Bloomberg

The core (ex-Transports) number disappointed (+3.3% vs 3.6% exp) as auto production exploded higher in June...

Source: Bloomberg

If you build it - they better come or this is a major problem!

Additionally, non-defense aircraft new orders was down $10.3BN again due to Boeing:

Not quite the "V" that everyone has been calling for... "Hard" orders data not keeping pace with "soft" survey hope...

Source: Bloomberg

The question is, given the relapse in the reopenings, is this the best the rebound gets?