Durable Goods Orders
This morning’s economic data came from the Commerce Department who posted May’s Durable Goods Orders report. It showed a 1.1% decline in new orders for big-ticket products such as appliances and airplanes. This was a larger drop than the 0.5% that was forecasted, indicating a softening manufacturing sector. However, this is not a wide variance for this data. This report is known to be quite volatile, so while the 0.6% difference would be highly noted in many releases, it is not big news for this one. Still, we can consider the data slightly positive for bonds and mortgage rates.