US August durable goods orders -0.2% vs -0.4% expected

  • Prior was -0.1%
  • Durables ex transportation +0.2% vs +0.2% expected
  • Prior ex transportation +0.2%
  • Capital goods orders non-defense ex-air +1.3% vs +0.2% expected — highest since April 2021
  • Prior capital goods orders non-defense ex-air +0.3%(revised to +0.7%)
  • Unfilled orders up for 24 consecutive months

These numbers were surprisingly weak in July in an early sign of creeping economic weakness. This was better than forecast but is the second month in a row of contraction. That said, it’s all concerntrated in volatile air and defense orders, excluding those it was a strong report with a positive revision to last month.

The US dollar is unmoved on the report and stock futures remain strong. We’re in a good-news-is-bad-news environment but this has been shrugged off.

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