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...
The core (ex-Transports) number disappointed (+3.3% vs 3.6% exp) as auto production exploded higher in June...
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...
The question is, given the relapse in the reopenings, is this the best the rebound gets?