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Core Durable Goods Orders Disappoint In August

Courtesy of ZeroHedge View original post here.

After July's disappointing dip, US Durable Goods Orders were expected to rebound in early August data released today, and rebound they did with a big 1.8% MoM bounce (vs +0.7% expected), and July's 0.1% drop was revised up to a 0.5% MoM rise..

Source: Bloomberg

That is the 4th straight monthly improvement in the headline durable goods orders print, and pushes it back above pre-COVID levels…

Source: Bloomberg

However, core durable goods (Ex Transports) disappointed, rising only 0.2% MoM vs +0.5% MoM expected – the weakest since February…

Source: Bloomberg

The headline print's beat was dominated by a 77% surge in non-defense aircraft and parts new orders.

That lifts the highest level for non-defense aircraft and parts new orders since Oct 2019…

So, it's a Goldilocks number – enough in there to support "growth/recovery" thesis, with outliers that defend the "no need to taper/hike rates too soon" narrative.


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