Updated: 26-Jun-25 09:56 ET
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Updated: 26-Jun-25 09:56 ET |
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Highlights
- Durable goods orders surged 16.4% month-over-month in May (Briefing.com consensus 6.6%) on a 230.8% increase in orders for nondefense aircraft and parts.
- Excluding transportation, durable goods orders were up 0.5% month-over-month (Briefing.com consensus 0.1%).
Key Factors
- New orders for primary metals increased 0.1% following a 0.2% increase in April.
- New orders for fabricated metal products increased 0.7% following a 0.5% increase in April.
- New orders for machinery jumped 0.3% after increasing 0.4% in April.
- New orders for computers and electronic products rose 1.5% following a 0.5% increase in April.
- New orders for transportation equipment surged 48.3% following a 17.6% decline in April.
Big Picture
- The key takeaway, however, is that new orders for nondefense capital goods, excluding aircraft -- a proxy for business spending -- increased 1.7% on the heels of a 1.4% decline in April, reflecting a strong rebound after the reciprocal tariff pause announcement.
Category |
MAY |
APR |
MAR |
FEB |
JAN |
Total Durable Orders |
16.4% |
-6.6% |
7.6% |
1.0% |
0.2% |
Less Defense |
15.5% |
-7.7% |
9.0% |
0.6% |
1.0% |
Less Transport |
0.5% |
0.0% |
-0.2% |
0.4% |
0.3% |
Transportation |
48.3% |
-17.6% |
23.5% |
2.1% |
0.1% |
Capital Goods |
48.0% |
-15.0% |
21.7% |
-2.3% |
1.6% |
Nondefense |
49.4% |
-19.1% |
27.2% |
-2.5% |
4.2% |
Nondefense/nonaircarft (core cap gds) |
1.7% |
-1.4% |
0.3% |
-0.5% |
1.8% |
Defense Cap Goods |
38.7% |
26.8% |
-15.0% |
-0.7% |
-12.9% |