Today’s update on new orders for durable goods is just the thing to blow away the deflation blues that have been poisoning the party over the past few weeks. Spending was up in April for this leading indicator. Actually, that’s no surprise. We already knew that last month was loaded with encouraging reports. Industrial production and retail sales, for instance, jumped last month. And job growth in April was the strongest in four years. But it’s May that suffered a change in sentiment in the markets. Figuring out if it’s just a temporary blip, or something more ominous that will show up in the economic indicators will take time. Unfortunately, April numbers won’t help figure out what’s what, even if they look good.