While the headline durable goods oders print beat expectation (rising 1.8% MoM in Jan) - thanks to a considerable downward revision in December - the core orders and shipments disappointed markedly and declined in all cases. Core durable Goods Orders fell most since June and Shipments fell most since July as it appears 'hard' data drastically disappoints relative to 'soft' data expectations.
Core Durable Goods Orders declined... (-0.2% MoM vs +0.5% Exp)
As once again the headline beat was all airplanes - military and civilian:
- Defense aircraft and parts +59.9%
- Non-defense aircraft and parts +69.9%
And Core Capital Goods Shipments tumbled... (-0.6% vs +0.2% exp)