The excuse-makers at the Associated Press are at it again:
ORDERS FOR US DURABLE GOODS DROP 1 PERCENT IN MAY
WASHINGTON (AP) — Orders for U.S. durable goods tumbled 1 percent in May as demand for military equipment fell sharply. But excluding defense-related goods, orders actually rose, and orders in a key category that signals business investment also increased….
Readers can go to the Census Bureau’s release. When they do, they’ll find quite a few negative numbers from April to May.
Of particular relevance to second quarter GDP, shipments didn’t increase at all in April, and only went up 0.3 percent in May. It’s hard to see how that helps get you to annualized growth of 3.5 percent in the second quarter — a prediction to which AP continues to hold.