Durable goods jump as transportation orders rebound

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A rebound in transportation purchases helped drive an improving durable goods report. 

New orders for manufactured big-ticket items rose a seasonally adjusted 2.3% month-over-month in May, a reversal of April’s surprise 1.3% decline, as reported by the Commerce Department. 

Transportation equipment led the increase rising by $5.2 billion or 7.6 percent to $74.2 billion after two straight monthly declines. 

Aircraft orders, excluding defense, rose 27.4% slightly less than the prior month's 31.5% increase. 

Minus the transportation component, orders are anticipated to rise 0.3%, slightly lagging April’s 1.0% pop. 

Orders for core capital goods, a closely watched proxy for business spending, dropped 0.1% in May, well below the previous month’s 2.2% spike.

Carnival Q2 Net Loss Narrows – Quick Facts

Carnival Corporation & plc (CUK,CCL,CCL.L) reported that its second-quarter net loss narrowed to $2.07 billion from $4.37 billion last year.

Adjusted net loss was $2.04 billion compared to a loss of $2.38 billion in the previous year.

Booking volumes for all future cruises during the second quarter of 2021 were 45% higher than booking volumes during the first quarter of 2021. Cumulative advanced bookings for full year 2022 are ahead of a very strong 2019 as of May 31, 2021.

The company expects a net loss on both a U.S. GAAP and adjusted basis for the third quarter 2021 and full year ending November 30, 2021.

The Bank of England stands pat as its inflation hawk dissents.

By Eshe Nelson

Britain’s economic recovery is continuing apace and inflation is now expected to climb even higher than previously predicted, but the Bank of England’s policymakers on Thursday stood firm and saw little need to scale back their large monetary stimulus program.

CANADA STOCKS-TSX opens higher on mining stocks boost, encouraging economic data

June 24 (Reuters) – Canada’s main stock index opened higher on Thursday as mining stocks tracked higher bullion prices, while government data showed that domestic wholesale trade most likely rose by 1.1% in May sequentially.

* At 9:32 a.m. ET (13:32 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 80.67 points, or 0.4%, at 20,245.06.

5 ways you can change your fashion habits to help the planet

New York (CNN Business)Canada Goose is icing out the fur trims on its jackets.

The luxury clothier said Thursday it will stop buying fur by the end of this year and cease manufacturing fur products no later than the end of 2022.
Since the company’s founding in 1957, wild coyote fur was the most-used fur trim for its parkas. Critics, including People for the Ethical Treatment of Animals, have been calling on the company for several years to stop using fur. PETA objects to how the coyotes are trapped and killed for their fur.

Canada Goose warned in its 2017 IPO filing that its reputation and sales could be hurt by protestors or animal welfare activists, who oppose the use of fur.

Thursday’s announcement is part of Canada Goose’s mission to become more sustainable. Earlier this year, it released it’s “most sustainable parka to date” that uses 30% less carbon and requires 65% less water during production compared to its current parka. The Toronto-based company said it’s committed to achieving net-zero carbon emissions by 2025.

Other companies have already committed to take real animal fur out of their inventories. In October 2019, Macy’s (M) and Bloomingdale’s announced that they would stop selling fur this year. Saks Fifth Avenue said in April it will stop selling animal fur products by the end of the 2022 fiscal year both online and in stores.
Shares of Canada Goose (GOOS) rose nearly 2% in premarket trading.

The T List: Five Things We Recommend This Week

Two new loafers from Martiniano Lopez Crozet, portraits of botanicals — and more.

Welcome to the T List, a newsletter from the editors of T Magazine. Each week, we share things we’re eating, wearing, listening to or coveting now. Sign up here to find us in your inbox every Wednesday. And you can always reach us at [email protected].

‘A day of darkness’: Speaker Pelosi announces select committee to investigate Jan. 6 attack

Calling the Jan. 6 attack on the U.S. Capitol “a day of darkness,” House Speaker Nancy Pelosi on Wednesday announced she will create a select committee to investigate the attack.

“It is imperative we seek the truth about what happened,” Pelosi said during her announcement. She said she decided to create the select committee “with great solemnity and sadness” because she preferred the bipartisan committee.

The Capitol was stormed by a pro-Trump mob on Jan. 6, as members of Congress had gathered to count the Electoral College votes affirming Joe Biden’s election victory. The violence sent Vice President Mike Pence and members of Congress, including Pelosi, into hiding.

“It would have been preferable to have an outside commission … but I had no (intention) of walking away from our responsibility,” Pelosi said, in what was likely a reference to the Senate failing to approve a Jan. 6 commission last month.

The bipartisan commission proposed to study the Capitol insurrection passed the House last month. But Senate Republicans blocked it.

“I do not believe the additional extraneous commission that Democratic leaders want would uncover crucial new facts or promote healing,” Sen. Mitch McConnell (R-K.Y.) said in May.

This is a developing news story and will be updated.