Charts Of The Day: Growth To Slow

In late May we argued that US leading economic indicators looked to have peaked (see our online service, May 24, 'No More Hikes In 2010'), and recently released durable goods orders for June reaffirm this view. While the growth rate picked up slightly, to 15.9% y-o-y from 15.2% in May, the number of orders fell by almost 2,000 over the same period, over 3,500 lower than the 194,000 orders registered in April, and we expect US manufactured goods orders for June to show a similar pattern.

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