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Good news was bad news

US Durable Goods Orders Unexpectedly Jumped In May
Tyler Durden's Photo
by Tyler Durden
Monday, Jun 27, 2022 - 08:35 AM

With PMIs sinking rapidly and macro surprise indices crashing, analysts remained optimistic of a continued rise (albeit a small 0.1% MoM) in US durable goods orders in preliminary May data. It turns out they were 'under'-optimistic as durable goods orders surged 0.7% MoM (with a small downward revision from +0.5% to +0.4% MoM in April).

Ex Transports, orders rose 0.7% MoM - beating expectations of +0.3%.

The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, rose 0.5% after a 0.3% gain a month earlier.

Finally, Shipments soared by 0.8% MoM - 4 times the 0.2% MoM expected.

None of this data helps the current 'growth scare dominates inflation fears' narrative... as 'good news' is now 'bad news'.

https://www.zerohedge.com/economics/us-durable-goods-orders-unexpectedly-jumped-may