Durable Goods Orders Tumble In April As Boeing Blowback Begins

After March's huge upside surprise, durable goods orders were expected to slide 2.0% MoM in April but the preliminary print was slightly worse than expected (-2.1% MoM) and made worse by a notable downward revision to March (from +2.8% to +1.7%).

 

Ex Transports, durable goods orders were unch in April but notably revised downward from +0.3% in March to -0.5% MoM...

Worse still New Orders non-defense, ex-aircraft tumbled 0.9% MoM, the worst (and first negative) print of 2019...

 

As non-defense aircraft orders plunged 25% in April (as Boeing impacts start to hit) and are down 36% YoY..,

And non-defense aircraft shipments plunged 16.0% MoM...

...to the lowest in six years...

 

Coming on the heels of the collapse in PMIs yesterday, this should be no surprise and reinforces The Fed's doves' scenario.