US Durable Goods Orders Slide In September
After four straight months of improvement, analysts expected US durable goods orders to drop 1.1% MoM in preliminary September data, but while they were correct on direction, the amplitude was not as significant with orders sliding 0.4% MoM (though notably August data was revised significantly lower from +1.8% to +1.3% MoM)…
The 14.4% year-over-year rise in orders is the weakest since Feb 2021.
Non-Defense Capital Goods Orders tumbled 4.2% MoM (as Defense orders surged 28.4% MoM)…
However, there are some sliver linings in the data.
Orders placed with U.S. factories for business equipment rose in September for a seventh straight month, pointing to ongoing strength in capital investment.
Additionally, the value of core capital goods orders, a proxy of business investment in equipment that excludes aircraft and military hardware, rose 0.8% after a revised 0.5% increase a month earlier.
Wed, 10/27/2021 – 08:36