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Tepid Core Durables Goods Orders Trend Still Holds Up Well Vs Surveys

US DATA
  • Core durable goods orders were confirmed to have increased 0.7% M/M in the final May print after an upward revised 0.7% in April (initial 0.6%).
  • Core shipments meanwhile, which feed more directly into current period GDP estimates, were revised a tenth higher in the final May print at 0.3% M/M also after an upward revised 0.5% in April (initial 0.4%).
  • The 3M/3M run rate of 1.2% annualized for core orders remains tepid in an outright sense but continues to hold up relatively well considering a ISM manufacturing print of 46.9 in May which continued to drop to 46.0 in June.

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