Durable Goods Orders Tumble (Again) In May, Still 5% Below 2007 Peak

Tyler Durden's picture

Following a big drop in April (revised worse), May's preliminary durable goods orders tumbled 1.1% MoM (the worst since November). Across the entire report, numbers disappointed with Capital Goods Orders and Shipments both dropping considerably more than expected.

4月のおおきな下落に続き、5月の耐久消費財オーダーは前月比1.1%下落した(昨年11月以来の悪い数字だ)。報告書を見ると、資本財の受注・出荷が共に予想を下回っている。

And as a reminder, the need for durable goods orders remains entirely irrelevant to America's economy (if the latter is judged by the stock market as The Fed and so many others appear to do)...


そして大切なことだが、耐久消費財発注は米国経済の強さに似合わない(米国経済の強さはFEDと同様に株式から判断している)・・・・


Durable Goods Orders remain 5% below 2007's peak (while the S&P is 55% above its 2007 peak).


耐久消費財発注は2007年のピークから5%下回る(一方S&Pは2007年ピークを55%上回る)。

It's either "different this time" or the S&P is worth 1500 (not 2500)... which is more likely?


状況を見るとどちらかだ、「今回は違う」と考えるか、S&Pには1500(2500ではなく)の価値しか無いと考えるか・・・・どちらがもっともらしいだろう?