'Headline Durable goods beats, core ex-transports and capital goods shipments miss,' Zero Hedge

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6/27/12, US Durable Goods Orders May 2008-June 27, 2012, Bloomberg



6/27/12, "Headline Durable Goods Beats, Core Ex-Transports And Capital Goods Shipments Miss," Zero Hedge

"There is a little for everyone in the latest BWB (Baffle with BS) data point - durable goods. The headline number printed at +1.1%, on expectations of a 0.5% rise, up from a downwardly revised -0.2% (from 0.2%). So a beat even as the baseline was cut. However, when stripping out the extremely volatile transports number, the result was very different and at +0.4%, it was a miss of expectations of 0.7%, although still up from the April -0.6%. Finally, actual Capital Goods shipments excluding non-defense rose 1.6% on expectations of a 1.9% increase.

In other words: a beat when including volatile fluff, a miss on the core. The inventory/shipments ratio slipped to 1.63, lowest reading since Dec. 2011; may “imply weaker times ahead,” says Bloomberg economist Rich Yamarone. Is this good enough for the Fed to push on with the NEW QE: it is unclear. Which is why next Friday's NFP will once again be watched by everyone and be the latest "most important payrolls number ever."

2 charts above from Zero Hedge

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