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We Just Witnessed A Historic Month For Commercial Aircraft Orders

People ordered a ton of airplanes in July.

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In a note to clients, Brian Jones at Societe Generale said he expects durable goods orders rose 24.5% in July, up from 1.7% in June, and topping the current record high monthly percentage increase.

The catalyst? Airplanes. 

Jones notes that Boeing reported a record 324 commercial aircraft were ordered in July, nearly three-times the 109 ordered in June, with the composition of these orders weighted towards the company's more expensive models. 

Boeing's orders totaled an estimated $98.3 billion, Jones estimates, and he expects the Census' durable goods report next week to show an increase in aircraft bookings that is about half that amount. 

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Jones writes that, "While market participants have been trained to strip out the ever-volatile transport category when assessing a report, July’s projected moon shot, with its implications for future nondefense capital goods shipments, may indeed be too large to ignore."

Here's the eye-popping chart that shows the projected increase in airplane sales. 

August 20 Markets COTD
Societe Generale
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