This morning's advance report on April manufacturing new orders, sales, and inventories was a pretty notable disappointment. The advance report only provides data on durable goods industries, which are revised at a two week lag when numbers for nondurable industries are added too. In addition to missing expected MoM changes (which were already pretty modest), the report saw downgrades to March as well. We tend to be careful about reading too much into MoM numbers in the report due to its volatility and high level of revisions. In the chart below we show the rolling