The May factory report

  • Prior was -0.8% (revised to -0.4%)

  • Ex transport +0.7% vs +0.4% prior (revised to +0.9%)

  • Durable goods orders -0.4% vs -0.5% expected

  • Ex transport 0.0% vs -0.3% prior

  • Capital goods orders nondefense ex air +0.3% vs +0.2% prior

  • Capital goods shipments +0.2% vs -0.1% prior

Some very good numbers here but the risk is that the numbers were inflated by orders ahead of pending or threatened tariffs.