5.7 C
New York
Tuesday, November 29, 2022


US Core Durable Goods Orders Tumble Most Since COVID Lockdown Collapse, CapEx Shrinks

After two straight months of declines, analysts expected a modest rebound in US durable goods orders, and they did, rising 0.4% MoM in preliminary Sept data (less than expected +0.6%) with August being revised upwards to a very small rise…

Source: Bloomberg

However, ex-transportation, new orders tumbled 0.5% MoM (vs +0.2% exp) – that is the biggest MoM drop since April 2020

Source: Bloomberg

The CapEx proxy –  was also a major disappointment – dropping 0.5% MoM vs expectations of a 0.5% MoM rise… and that feeds directly into GDPO calcs…

Source: Bloomberg

The big drag on new orders was a32.2% MoM drop in Defense aircraft and parts (we’re gonna need moar war)…

Source: Bloomberg

So, are ISM respondents going to be proved right again, like they were in 2007-2009?

Source: Bloomberg

Perhaps this is a ‘notional’ new orders vs ‘absolute’ real ISM view of orders?

This post was originally published on this site

Notify of
Inline Feedbacks
View all comments

Stay Connected


Latest Articles

Would love your thoughts, please comment.x